Hedging, accounting costs blamed for Western Areas' $55M loss

DESPITE being crowned Digger of the year at a recent mining forum and raking in millions of dollars in profit from its flagship mine, nickel producer Western Areas recorded a net loss for the last year of $54.9 million.

Hedging, accounting costs blamed for Western Areas' $55M loss Hedging, accounting costs blamed for Western Areas' $55M loss Hedging, accounting costs blamed for Western Areas' $55M loss Hedging, accounting costs blamed for Western Areas' $55M loss Hedging, accounting costs blamed for Western Areas' $55M loss

One-off hedging arrangements and accounting adjustments were the main reasons for the loss, detailed in the miner’s 2008 annual report.

The company copped a $34.

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