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- Panoramic Resources (PAN) successfully completes its fourth shipment of nickel-copper-cobalt concentrate from the Savannah Nickel Project in East Kimberly, West Australia
- The ship is loaded to cargo capacity with a total of 10,489 tonnes of nickel-copper-cobalt concentrate and has departed to the Port of Lianyungang in China
- As per the offtake agreement, a provisional invoice has been submitted to Jinchuan with payment of US$18.1 million (A$25.1 million) expected next week
- The fifth shipment via MV Heemskerkgracht is planned for early July
- Shares in Panoramic are down 3.77 per cent, trading at 25.5 cents as of 12:28 pm AEST
Panoramic Resources (PAN) has successfully completed its fourth shipment of nickel-copper-cobalt concentrate from the Savannah Nickel Project in East Kimberly, WA.
The COE Luisa arrived at Wyndham Port on June 1 with stevedoring contractor CGL loading the ship, which took five days.
The ship was loaded to cargo capacity with a total of 10,489 tonnes of nickel-copper-cobalt concentrate and departed to the Port of Lianyungang in China for delivery to offtake partner Jinchuan.
Following the fourth shipment, port concentrate stocks have been fully depleted with 726 tonnes of stocks remaining at the mine site.
As per the offtake agreement with Jinchuan, a provisional invoice has been submitted with payment of US$18.1 million (A$25.1 million) expected next week.
The payment is inclusive of all three metals contained in the concentrate.
CEO and Managing Director Victor Rajasooriar reiterates that the company, as an unhedged producer, participates fully in commodity price moves.
“The pricing received on the fourth shipment is one of the best we’ve had since production resumed,” he said.
“With shipments now consistently occurring, updates will be provided on a quarterly basis going forward with FY23 production guidance to be reported in July.”
The fifth shipment via MV Heemskerkgracht is planned for early July.
Shares in Panoramic were down 3.77 per cent, trading at 25.5 cents as of 12:28 pm AEST.
