https://www.miningweekly.com

Western Areas pays off A$95m debt

2nd July 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Nickel miner Western Areas on Wednesday retired a A$95-million convertible bond debt, using existing cash reserves.

MD Dan Lougher said that the repayment of the convertible bond debt, which had reached maturity, marked an important milestone for the company. He said that by retiring the debt with cash reserves, Western Areas' net profit before tax would improve by around A$12-million in the 2015 financial year, through reduced interest and bond accretion costs.

“Consistent with comments in the March quarterly report, and with a rising nickel price, cash flow generation has been particularly strong in the June quarter. This, combined with the reduction in debt, places our balance sheet in a very robust position.”

The nickel miner has one remaining convertible bond repayment, worth A$125-million, due in July of next year.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.052 1.053s - 110pq - 2rq
Subscribe Now