Western Areas NL (ASX:WSA) is an exploration company that is involved in the development of the Fox Nickel mine and the exploration of nickel sulfides, platinum group metals and gold.

Material stock Western Area reported a 1H FY12 net profit of $24.1 million, reflecting a 64% drop compared to same period a year earlier.

The company said the price of nickel averaged US$8.51/lb in the first half of its financial year compared to an average of US$ 11.61/lb a year earlier.

WSA slashed its interim dividend in half, declaring $0.05 dividend, unfranked.

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Western Areas has been a hot stock in the news lately. WSA is a sulphide explorer and producer in the Australian Stock Market and owns one of the highest grade nickel deposits in the world.

Western Areas today announced it is looking for a partner to develop zinc, copper and nickel projects in Finland.

WSA already owns part of the project with Finland-based Magnus Minerals, and has enlisted UBS to help with its search for a partner

WSA finished Wednesday up 3.5% at $4.68. It is certainly one of the hot stocks to watch.