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Despite a challenging price environment, nickel miner Western Areas has reported a 37.5% increase in net profits after tax for the year ended June, as costs were reduced and volumes increased.

Net profit after tax increased from the A$25.4-million reported in 2014 to just over A$35-million, while operating cash flow for the year was up by A$31.4-million, to A$148.5-million.

MD Dan Lougher said that the year had been ‘extremely successful’ on a number of fronts for Western Areas, with profit improving year-on-year, production guidance fully delivered, a significantly reduced cost base, increased cash flow and ultimately a lift in shareholder dividends.

Unit costs decreased to A$2.31/lb, compared with the A$2.50/lb reported in 2014, as operational cost savings kicked in.

The 4% fall in nickel prices resulted in revenues falling from the A$320-million in 2014, to A$312.6-million, despite sales volumes increasing from 25 756 t to 26 036 t.

“Western Areas has experienced these nickel swings before, and with the nickel price being set low for 2016, any nickel price increase from the spot price today would result in a positive impact to the net profit after tax, as in previous years,” Lougher said.

“While analyst and consensus pricing for nickel is seen to be increasing in 2016 and beyond, shareholders should take comfort in the underlying business operating efficiency and the company remains profitable into the new financial year.”

For the 2016 financial year, Western Areas expected to deliver between 24 000 t and 25 000 t of nickel in concentrate, at a unit cash cost of between A$2.30/lb and A$2.50/lb.

Sustaining capital for 2016 would also reduce from the A$57.5-million spent in the 2015 financial year to A$45-million, as the Flying Fox mine completed the bulk of its capital development. Western Areas expected to see a continued fall in sustaining capital over the next five years at both the Flying Fox and the Spotted Quoll mines.

“We look forward to 2016 as we grow the business and drive further efficiencies within the company. We will settle the acquisition of the Cosmos Nickel complex and commence exploration, undertake the mill recovery enhancement project, increase our overall investment in exploration, and look to reap the benefits when the anticipated nickel price rise occurs,” Lougher said.

• [Editor:Juan]