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Broke out of an ascending triangle today - let's see if it can hold.
No reason that this shouldn't keep going up?
No reason that this shouldn't keep going up?
WSA - Western Areas
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springhill
Make the drill work for YOU
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WSA has been lagging behind other Nickel companies SP but this announcement may help. I sold WSA last year after a warning of Nickel price crash and glad I did but thinking I may jump back on.
Aug 12, 2009 21:49 ET
Western Areas Commits to Major Expansion at Forrestania
PERTH, AUSTRALIA--(Marketwire - Aug. 12, 2009) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
The Board of Western Areas (TSX:WSA)(ASX:WSA) is pleased to announce a decision to mine the Spotted Quoll open pit and double the capacity of the Cosmic Boy nickel concentrator. This should provide the opportunity for the Company to increase production from 10,330 tonnes nickel mined in FY2009 to achieve the target 20,000 tonnes nickel in CY2010.
In addition, the Spotted Quoll open pit mine and plant expansion will establish the basis for future increases in long term nickel production at Forrestania. A feasibility study has commenced for a substantial underground mine at Spotted Quoll which will be accessed from the open pit. Development of the underground mine is expected to commence in mid 2011.
The Company intends to start work at Spotted Quoll and the plant upgrade as soon as possible, subject to final ministerial consent. Major contracts have already been awarded for Spotted Quoll and the nickel concentrator with site works due to start in September.
The expansion schedule should result in first production from Spotted Quoll overlapping first production from the high grade T5 ore body at Flying Fox in the March Q 2010. As a result, Western Areas expects to be in a strong position to benefit from any further improvements in the nickel price. Average cash costs from the Flying Fox mine for the past 12 months were around US$2.00/lb and similar cash costs are expected from the Spotted Quoll open pit mine.
The Spotted Quoll mine and Cosmic Boy plant expansion will employ over 80 people during development and construction and 85 people during sustained production. Western Areas has funds available for the estimated $62M total cost of the expansion.
Spotted Quoll Open Pit Mine
Federal and State EPA approvals have now been received. There were no objections and the project has been recommended to the Western Australian Environment Minister for consent.
The revised Ore Reserve for the open pit mine (refer to Appendix 1) is 386,000 tonnes at an average grade of 5.1% nickel containing 19,900 t nickel. This represents only 16% of the total contained nickel in the current Spotted Quoll Mineral Resource which is approximately 2.0Mt at an average grade of 6.2% nickel containing 125,460 t nickel (to 640m depth).
The Spotted Quoll open pit is expected to be a very robust project with estimated cash costs of less than US$2/lb. The total capital cost for all surface infrastructure and full development of the 150m deep open pit is estimated to be A$36.2M. The open pit will also provide access to the planned underground mine.
Pre-production development will occur over a six month period with first ore production expected in March Q 2010. Target mine production from the open pit is 11,500 tonnes nickel in FY 2011 and 6,300 tonnes nickel in FY 2012. The mine schedule is intended to result in a smooth transition from open pit to underground mine production in early 2012.
Aug 12, 2009 21:49 ET
Western Areas Commits to Major Expansion at Forrestania
PERTH, AUSTRALIA--(Marketwire - Aug. 12, 2009) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
The Board of Western Areas (TSX:WSA)(ASX:WSA) is pleased to announce a decision to mine the Spotted Quoll open pit and double the capacity of the Cosmic Boy nickel concentrator. This should provide the opportunity for the Company to increase production from 10,330 tonnes nickel mined in FY2009 to achieve the target 20,000 tonnes nickel in CY2010.
In addition, the Spotted Quoll open pit mine and plant expansion will establish the basis for future increases in long term nickel production at Forrestania. A feasibility study has commenced for a substantial underground mine at Spotted Quoll which will be accessed from the open pit. Development of the underground mine is expected to commence in mid 2011.
The Company intends to start work at Spotted Quoll and the plant upgrade as soon as possible, subject to final ministerial consent. Major contracts have already been awarded for Spotted Quoll and the nickel concentrator with site works due to start in September.
The expansion schedule should result in first production from Spotted Quoll overlapping first production from the high grade T5 ore body at Flying Fox in the March Q 2010. As a result, Western Areas expects to be in a strong position to benefit from any further improvements in the nickel price. Average cash costs from the Flying Fox mine for the past 12 months were around US$2.00/lb and similar cash costs are expected from the Spotted Quoll open pit mine.
The Spotted Quoll mine and Cosmic Boy plant expansion will employ over 80 people during development and construction and 85 people during sustained production. Western Areas has funds available for the estimated $62M total cost of the expansion.
Spotted Quoll Open Pit Mine
Federal and State EPA approvals have now been received. There were no objections and the project has been recommended to the Western Australian Environment Minister for consent.
The revised Ore Reserve for the open pit mine (refer to Appendix 1) is 386,000 tonnes at an average grade of 5.1% nickel containing 19,900 t nickel. This represents only 16% of the total contained nickel in the current Spotted Quoll Mineral Resource which is approximately 2.0Mt at an average grade of 6.2% nickel containing 125,460 t nickel (to 640m depth).
The Spotted Quoll open pit is expected to be a very robust project with estimated cash costs of less than US$2/lb. The total capital cost for all surface infrastructure and full development of the 150m deep open pit is estimated to be A$36.2M. The open pit will also provide access to the planned underground mine.
Pre-production development will occur over a six month period with first ore production expected in March Q 2010. Target mine production from the open pit is 11,500 tonnes nickel in FY 2011 and 6,300 tonnes nickel in FY 2012. The mine schedule is intended to result in a smooth transition from open pit to underground mine production in early 2012.
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WSA
Any ideas on the trading halt. rights issue? takeover? resources upgrade? profit downgrade?
Any ideas on the trading halt. rights issue? takeover? resources upgrade? profit downgrade?
Re: WSA
It's regarding "a partial exchange offer" in respect of the convertible bond exchange
http://www.asx.com.au/asxpdf/20101021/pdf/31t87781yhxlqf.pdf
It's regarding "a partial exchange offer" in respect of the convertible bond exchange
http://www.asx.com.au/asxpdf/20101021/pdf/31t87781yhxlqf.pdf
springhill
Make the drill work for YOU
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Not my end of the market, but my uncle has a few. Resource end of the market obviously down, but does WSA seem to have beaten too far for a dividend paying share?
Directors seem to think so as there has been small scale buying from 2 of them at $2.90.
This was not far off GFC low of $2.46
Directors seem to think so as there has been small scale buying from 2 of them at $2.90.
This was not far off GFC low of $2.46
Attachments
skc
Goldmember
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Look at the other nickel names , MCR, MBN, IGO, PAN... WSA isn't doing that badly relative to GFC lows.
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Reversed hard back to the do or die spot.
Looking to short this and it's friends.
Looking to short this and it's friends.
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Daily P&F Chart:-
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Shorted it at 3.968 (average) today.
Stop just above today's high.
AWC confirmed with it's earnings that Indonesians export ban will have no material impact.
Stop just above today's high.
AWC confirmed with it's earnings that Indonesians export ban will have no material impact.
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An Updated P&F Daily Chart.
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Starting to look like one of those brilliantly timed capital raisings at the bottom, achieving maximum liquidation for stock holders.
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Looks like it's getting bashed up. Although historically, it does have a history of swings of that size.
I don't know.
I don't know.
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Terrible lack of confidence in today's trading. Looks like 2$ will be tested very soon.
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$2 Tested 8 times, Since January, $2.60 tested 4 times since January.
What does that mean,it's worth $2.30?
Nickel got smashed last night on the back of new over supply talk and I'm remembering the capital raising at $2, the bottom to be tested, maybe just once more!
What does that mean,it's worth $2.30?
Nickel got smashed last night on the back of new over supply talk and I'm remembering the capital raising at $2, the bottom to be tested, maybe just once more!
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