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  • 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 vessel departed last Friday with 10,347 tonnes of concentrate to deliver to removal partner Jinchuan
  • In accordance with the drawdown agreement, an interim invoice (approximately $29.2 million) has been submitted, with payment expected next week.
  • Panoramic claims that as an unhedged producer, it fully participates in commodity price movements and that the price to be received on the third shipment will be the best since production resumed.
  • PAN shares up 2.5% to 30.8 cents

Panoramic Resources (PAN) last year exported its third shipment of nickel-copper-cobalt concentrate since restarting production operations at its Savannah nickel project in the East Kimberley region of Western Australia.

The company said the vessel MV Maasgracht left last Friday with 10,347 tons of concentrate to deliver to China’s pick-up partner Jinchuan.

In accordance with the drawdown agreement, an interim invoice (approximately $29.2 million) was submitted and Panoramic said payment was expected next week.

The company now has 237 tonnes of concentrate stock at Wyndham Port and an additional 200 tonnes at the mine site.

Panoramic was preparing for the next expedition, with a ship expected to arrive at Wyndham around the end of May.

Two additional concentrate shipments were planned for the June 2022 quarter.

Managing Director and CEO Victor Rajasooriar said concentrate production was progressing as planned as operations continued to ramp up at Savannah.

“The current stockpile of ore (30,000 t) above ground and the stockpile of broken ore (25,000 t) underground gives us clear visibility on our next shipment,” he said.

“As an unhedged producer, we fully participate in commodity price movements and the price received on the third shipment is the best we have had since production resumed.”

Shares of PAN rose 2.5% to 30.8 cents at 11:00 a.m. AEST.


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