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Why Western Areas shares were the best-performing on the S&P/ ASX200 today

The Western Areas Ltd (ASX: WSA) share price closed 12 cents or 5.3% higher today to $2.37 and is the best-performing share on the S&P/ ASX200 (ASX: XJO) for the day. 

This morning the nickel and copper miner reported free cash flow of $27.6 million on operating cashflow of $49.3 million for the quarter ending June 30, 2019. The company flagged it has cash at the bank of $144 million at the period end.

The group pinned the strong result on higher nickel production and prices received over the period. Nickel sales for the quarter were the highest all year. 

It also flagged that it spent $27.3 million developing its Odysseus mine over the period, with the company expecting it to become a second major nickel production hub in Western Australia, alongside the three other individual mining sites it now has operating. Its main asset is the Forrestainia nickel project that is 400 kilometres inland east of Perth.

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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