WSA 3.33% $2.79 western areas limited

my first minnow to finally deliver a dividend

  1. 54,094 Posts.
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    It happens:

    1. Cash cost of A$3.04/lb nickel in concentrate for first 2 months
    production from Flying Fox T1 deposit. T1 is already one of
    Australia's lowest cost nickel mines.
    2. Rapid advance of the mine decline should result in increased
    production from two wide stopes at T1 containing 9,240 tonnes nickel,
    commencing in March/April.
    3. Target (greater than)8,000tpa nickel in concentrate expected to be
    produced at Flying Fox in CY 2008. Production is expected to ramp up
    to 14,000tpa nickel by 2011.
    4. Study progressing on a raise bore ore haulage shaft at Flying Fox in
    addition to existing decline. The shaft gives potential to increase
    production to (greater than)20,000 tpa nickel by 2011.
    5. Continuing high grade drilling results extend mineralisation at T4,
    T6 and T7 deposits. Target is to increase Flying Fox mineral resource
    by 50% to (greater than)150,000 t nickel in 2008.
    6. Outstanding high grade drilling results at shallow depth at Spotted
    Quoll discovery, 6km from Flying Fox. Intersections include 8.7m @
    11.4% Ni and 6.5m @ 9.4% Ni.
    7. Decision to mine Diggers South deposit due in September Q. Permitting
    is underway and a contract is to be awarded to dewater the open pit
    to access the underground mine.
    8. Existing Cosmic Boy mine boxcut is being excavated to expose the
    entry to Outokumpu's large underground mine which ceased production
    in 1999.
    9. Site works completed for Cosmic Boy concentrate plant. The
    construction contract is expected to be awarded end February with
    construction due to start at end of March.
    10. Target to produce 34,000tpa nickel in concentrate from five mines at
    Forrestania from 2011. This target assumes successful outcomes from a
    number of studies in progress.

    Assuming the ongoing production performance at Flying Fox, strong cash
    flows anticipated during the second half CY2008, continuing exploration
    success, potential to accelerate development of new mines at Forrestania and
    the Company's strong cash position, the Board of Western Areas has resolved to
    adopt a dividend policy as follows:

    Western Areas' Dividend Policy

    The objective is to pay an initial interim dividend to shareholders in
    January 2009. The policy is to pay both an interim and a final dividend of at
    least half the net profit after tax with the first eligible accounting period
    being the six months from July 2008 to December 2008.
    Western Areas Chairman Mr Terry Streeter said "We are committed to making
    substantial dividend payments as soon as we are in a position to do so.
    Western Areas has many growth opportunities available to shareholders. These
    opportunities occur not only at the developing mines at Forrestania but also
    at the many significant exploration projects in the surrounding 500km long
    nickel province in Western Australia as well as in Canada."
    "We believe that the Company is well positioned to become one of the
    premier growth and yield mid-cap stocks in the Australia and Canadian
    resources sector," said Mr Streeter.

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Mkt cap ! $763.1M
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