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Australia Investing
Panoramic Reports Savannah Project Restart
Jul. 17, 2018 06:16AM PST
Panoramic is a Western Australian mining company formed in 2001 for the purpose of developing the Savannah nickel project in the East Kimberley.Â
Panoramic Resources (ASX:PAN) has announced the Savannah nickel–copper-cobalt project will reopen following the company and Savannah Nickel Mines executing a credit approved term sheet with Macquarie Bank Limited (ASX:MQG) for project finance facilities.
Panoramic is a Western Australian mining company formed in 2001 for the purpose of developing the Savannah nickel project in the East Kimberley.
As quoted from the press release:
The facilities to be provided consist of a secured project loan of up to AU$40 million and nickel and copper hedging lines. The combination of the equity raised in February 2018 via the 1 for 7 entitlement offer and the macquarie project loan of up to AU$40 million means the Savannah project restart is fully funded. The finalization of the facilities is a significant milestone for the Savannah project and was the remaining condition precedent to the board making the decision to restart the project.
Savannah Project Restart
The company is delighted to announce that the Board has made the formal decision to restart operations at the Savannah project. As a result of this decision, the company has commenced phase two of pre-production activities and is targeting to export the first shipment of Savannah nickel concentrate to China early in the March quarter of 2019.
Once commissioned, the Savannah project will ramp up to full production over 15 months to a forecast life-of-mine (LOM) average annual production rate of 10,800t Ni, 6,100t Cu and 800t Co metal contained in concentrate.
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