Nickel producer Minara Resources plan to return $111 million in capital to shareholders has been approved at an extraordinary general meeting.
Chairman Peter Coates addressed the meeting where he outlined Minara's improved financial position which had allowed the capital return.
He thanked shareholders for supporting the company during tough times and particularly for getting behind the Rights Issue in October 2008 which raised $210 million.
He said, "At the time of the announcement ... we specified approximately $111 million was for working capital and funding of on-going resources."
"Shortly after the Rights Issue, the price of nickel and cobalt began to stabilise and then eventually improve.
"Since that time, we have returned to the pleasing position of generating positive operating cash flows, which has seen our cash reserves grow to $363 million as at June 30.
"We are now confident that there is no longer a need to retain the $111 million working capital fund," he said.
The money will be returned to shareholders at the rate of 9.5 cents per ordinary share.
"The board's decision to propose the return of capital reflects our confidence in the company's current financial position and our production capability moving forward," said Mr Coates.
Minara operates the Murrin Murrin nickel and cobalt joint venture project which is situated between Leonora and Laverton.
