Western Areas Profit Down 64% As Nickel Price Drops-Shanghai Metals Market

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Western Areas Profit Down 64% As Nickel Price Drops

Industry News 10:11:38AM Feb 14, 2012 Source:SMM

SYDNEY, Feb. 14 -- Australian miner Western Areas N.L. (WSA.AU) said Tuesday its net profit for the six months to December 31 fell 64% to A$24.1 million, reflecting a sharp drop in the price of nickel in line with other base metals.

Western Areas said the price of nickel--used in products ranging from cutlery to household sinks--averaged US$8.51/lb in the first half of its financial year, compared with US$11.61/lb in the comparative six-month period.

"Nickel prices for January have already trended up significantly, heading towards US$9.50 per pound," said Managing Director Dan Lougher. "If this continues over the rest of the year, Western Areas shareholders can expect a strong finish to the financial year."

Western Areas declared an interim dividend of 5 Australian cents.
 

Price

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SMM #1 Nickel
Oct.14
137050.0
650.0
(0.48%)
#1 JinChuan Nickel
Oct.14
137150.0
650.0
(0.48%)
#1 Import Nickel
Oct.14
136950.0
650.0
(0.48%)
JinChuan B&C
Oct.14
650.0
0.0
(0.00%)
Russian nickel premium
Oct.14
450.0
0.0
(0.00%)

Western Areas Profit Down 64% As Nickel Price Drops

Industry News 10:11:38AM Feb 14, 2012 Source:SMM

SYDNEY, Feb. 14 -- Australian miner Western Areas N.L. (WSA.AU) said Tuesday its net profit for the six months to December 31 fell 64% to A$24.1 million, reflecting a sharp drop in the price of nickel in line with other base metals.

Western Areas said the price of nickel--used in products ranging from cutlery to household sinks--averaged US$8.51/lb in the first half of its financial year, compared with US$11.61/lb in the comparative six-month period.

"Nickel prices for January have already trended up significantly, heading towards US$9.50 per pound," said Managing Director Dan Lougher. "If this continues over the rest of the year, Western Areas shareholders can expect a strong finish to the financial year."

Western Areas declared an interim dividend of 5 Australian cents.