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Panoramic Signs Sales Agreement for Savannah Project
Panoramic Resources’ Savannah project has been on care and maintenance for almost two years, but a new concentrate sales agreement could fuel the asset’s revival.
A new four-year concentrate sales agreement has been set up between Panoramic Resources (ASX:PAN) and Sino Nickel, with the product set to come from Panoramic’s Savannah nickel-copper–cobalt project in Western Australia.
The agreement is between Savannah Nickel Mines, a subsidiary of Panoramic, and Sino Nickel, a joint venture between Jinchuan Group (HKEX:2362) (60 percent) and Sino Mining International (40 percent).
The four-year contract replaces a concentrate sales agreement previously signed in 2010 that was to expire in March 2020. It is set to start upon the first shipment of concentrate from the recommissioned Savannah project, or on March 31, 2019, depending on which comes first.
The product to be shipped through the agreement is sulfide concentrate, with the agreement outlining a typical specification of 8 percent nickel, 4.5 percent copper, 0.6 percent cobalt and 46 percent iron.
The concentrate is to be produced from the Savannah and Savannah North orebodies, and Panoramic says the agreement is an “important condition precedent” to revitalizing the Savannah project.
The company elaborated by saying that finalizing debt financing is the last obstacle before the project’s revival can be decided. According to the company, negotiations with potential financiers are moving smoothly, and Panoramic should soon have an update on the project.
The Savannah project, located in the Kimberley region of Western Australia, was Panoramic’s flagship project when the company formed in 2001. It was commissioned in 2004, but was later placed on care and maintenance in May 2016 due to low nickel prices. Panoramic is moving towards restarting operations at the site now that nickel prices have greatly improved.
Total mineral resources for the project as of August 2016 consisted of 226,400 tonnes of nickel, 104,700 tonnes of copper and 15,300 tonnes of cobalt metal contained.
Panoramic’s share price had jumped 11.7 percent by the end of Friday’s (June 29) trading session, ending the day on the ASX with a share price of AU$0.62.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
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A graduate of Durham College's broadcast journalism program, Olivia has a passion for all things newsworthy. She got her start writing about esports (competitive video games), where she specialized in professional Call of Duty coverage. Since then, Olivia has transitioned into business writing for INN where her beats have included Australian mining and base metals.
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