The Western Areas Ltd (ASX: WSA) share price has been amongst the worst performers on the local share market this year, falling approximately 23%.
But thankfully for its long-suffering shareholders the nickel producer's shares have climbed 2% higher to $2.35 today.
Why are its shares higher?
This morning Western Areas released its latest quarterly update which revealed that the company had achieved all of its FY 2017 guidance metrics.
According to the release, FY 2017 mine production reached 25,996 nickel tonnes, compared to guidance of between 25,000 to 26,000 nickel tonnes.
Unit cash cost of nickel in concentrate were reduced to A$2.38/lb. Management had targeted unit cash costs of between A$2.35/lb to A$2.50/lb for the year.
All in all, this led to the nickel producer reporting full-year cash flow of $64.6 million after all capital and exploration expenditure and corporate costs.
