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Panoramic Resources (ASX:PAN) exports fourth shipment of concentrate from Savannah – The Market Herald

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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, Western Australia
  • The vessel is loaded to capacity with a total of 10,489 tonnes of nickel-copper-cobalt concentrate and departed for the port of Lianyungang in China
  • In accordance with the removal agreement, an interim 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 scheduled for early July
  • Panoramic shares are down 3.77%, trading at 25.5 cents at 12:28 a.m. AEST

Panoramic Resources (PAN) has successfully completed its fourth shipment of nickel-copper-cobalt concentrate from the Savannah Nickel project in East Kimberly, WA.

COE Luisa arrived at Wyndham Port on June 1 with stevedoring contractor CGL loading the vessel, which took five days.

The vessel was loaded to capacity with a total of 10,489 tonnes of nickel-copper-cobalt concentrate and departed for the port of Lianyungang in China for delivery to pick-up partner Jinchuan.

Following the fourth shipment, concentrate stocks at the port were fully depleted with 726 tonnes of stocks remaining at the mine site.

In accordance with the levy agreement with Jinchuan, an interim invoice has been submitted with payment of US$18.1 million (A$25.1 million) expected next week.

The payment includes the three metals contained in the concentrate.

CEO and Managing Director Victor Rajasooriar recalls that the company, as an unhedged producer, fully participates in commodity price movements.

“The price received on the fourth shipment is one of the best we’ve had since production resumed,” he said.

“With shipments now steady, updates will be provided quarterly going forward, with FY23 production guidance due in July.”

The fifth expedition via The MV Heemskerkgracht is scheduled for early July.

Shares of Panoramic fell 3.77%, trading at 25.5 cents at 12:28 a.m. AEST.