Join our daily newsletter At The Bell to receive exclusive market insights
- Panoramic Resources (PAN) completes third shipment of nickel-copper-cobalt concentrate since restarting production operations at its Savannah nickel project in WA last year
- The ship departed last Friday with 10,347 tonnes of concentrate for delivery to offtake partner Jinchuan
- As per the offtake agreement, a provisional invoice (for about $29.2 million) has been submitted, with payment expected next week
- Panoramic says as an unhedged producer it participates fully in commodity price moves and the pricing to be received on the third shipment will be the best since production resumed
- PAN shares up 2.5 per cent to 30.8 cents
Panoramic Resources (PAN) has exported its third shipment of nickel-copper-cobalt concentrate since restarting production operations at its Savannah nickel project in Western Australia’s East Kimberley region last year.
The company said the MV Maasgracht ship departed last Friday with 10,347 tonnes of concentrate for delivery to offtake partner Jinchuan in China.
As per the offtake agreement, a provisional invoice (for about $29.2 million) was submitted and Panoramic said payment was expected next week.
The company now has 237 tonnes of concentrate stock at the Wyndham port and a further 200 tonnes at the mine site.
Panoramic was gearing up for the next shipment, with a ship anticipated to arrive at Wyndham around the end of May.
Two additional concentrate shipments were scheduled for the June quarter 2022.
Managing Director and CEO Victor Rajasooriar said concentrate production was progressing as planned as operations continued to ramp up at Savannah.
“The current (30,000t) ore stockpile on surface and the (25,000t) broken stock underground gives us clear visibility on our next shipment,” he said.
“As an unhedged producer we participate fully in commodity price moves and the pricing received on the third shipment is the best we’ve had since production resumed.”
PAN shares were up 2.5 per cent to 30.8 cents at 11:00 am AEST.
