Panoramic is on track to ship its first nickel, copper and cobalt in early 2019
Mining & Resources
Panoramic Resources is on track the ship the first nickel, copper and cobalt from its Savannah mine in early March 2019 after a two-year hiatus.
Panoramic’s (ASX:PAN) Savannah nickel, copper and cobalt project in the Kimberley region of Western Australia mine will produce 10,800t nickel, 6100t copper, and 800 tonnes cobalt each year over an initial mine life of 8 years.
Prices for these concentrates is strong and is forecast to grow further as lithium-ion battery demand picks up pace.
The Panoramic share price — which increased 7 per cent to 52c on the news — reached a low of about 8c in 2016 when the company was forced to stop production at its mines because of a low nickel price.
The share price has traded between 28c and 67c over the past year.
The company will also get a cash boost when it offloads its Lanfranchi mine to Black Mountain Metals for $15.1 million.
At 30 June 2018, Panoramic had $19.6 million in cash and no debt.