The Western Areas Ltd (ASX: WSA) share price ended the week up 4.6% after announcing some news to the market.
Western Areas, which was founded in 1999, is one of Australia’s largest nickel producers, as well as other base metal exploration and development projects. It claims to have two of the highest grade underground nickel mines in the world called Flying Fox and Spotted Quoll, both of which are within the Forrestania project area.
Western Areas’ Odysseus Project
The company said that the early capital works at the Odysseus Project have been completed as planned and to budget.
Western Areas said that the decline rehabilitation has been completed down to the 10,000m RL pump station with pump station mechanical and electrical designs complete.
The company also said dismantling of purchased shaft headgear and winder commenced and expedited in South Africa. Delivery to Perth is expected in the third quarter of FY20 to support hoisting shaft operations.
All the required tenders and contracts for ongoing works have been awarded or substantially complete. Western Areas also said that the company has successfully recruited the Project Manager and Construction Manager with extensive shaft construction experience.
The company confirmed it finished the financial year with $144.2 million of cash at the bank with no debt.
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