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Why The Western Areas (ASX:WSA) Share Price Ended The Week Up 3%

Jaz Harrison
Jaz Harrison
Jaz Harrison

Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The Western Areas Ltd (ASX: WSA) share price ended Friday up 3% after announcing a deal.

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 Area’s New Deal

Earlier on Friday, Western Areas announced an offtake sale and purchase agreement with Sumitomo Metal Mining, which is a major Japanese mining and refining conglomerate, for the delivery of premium high-grade nickel sulphide precipitate (NSP) being produced at the company’s Mill Recovery Enhancement Project located at the Forrestania Nickel Operation.

This contract expires on 30 June 2020, and although no set volume will be supplied it’s expected all product produced will be sold into the agreement. The delivery is on a ‘CIF’ basis into the port of Osaka.

Western Areas said one of the terms is increased payable rates compared to the company’s conventional run of mine floatation concentrate, given the high grade NSP nickel product being suitable for direct feed into the refining process.

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