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- Panoramic Resources (PAN) sends off its first shipment of nickel-copper-cobalt concentrate from the Savannah Project in the East Kimberley
- The ship departed on Boxing Day, loaded with more than 10,800 tonnes of concentrate, and sailed to China for delivery to offtake partner Jinchuan
- A provisional invoice has been submitted for US$14.8 million (around A$20.4 million), which is expected to be paid during the first week of January
- The company reported around 50 tonnes of concentrate was left behind at the Wyndham storage shed and will form part of the second shipment in mid-February
- Panoramic Resources last traded at 26 cents on December 29
Panoramic Resources (PAN) has sent off its first shipment of nickel-copper-cobalt concentrate from the Savannah Project in the East Kimberley region of WA.
The MV Merwedegracht arrived at Wyndham Port on 21 December and was loaded by contractor CGL with 10,865 tonnes of nickel-copper-cobalt concentrate over four days.
The ship departed on Boxing Day, sailing to the Port of Lianyungang in China for delivery to offtake partner Jinchuan.
As per the company’s offtake agreement with Jinchuan, a provisional invoice has been submitted for US$14.8 million (around A$20.4 million), inclusive of all three metals contained in the concentrate. This is expected to be paid during the first week of January.
Managing Director and CEO, Victor Rajasooriar, said the loading of the ship was carried out efficiently.
“It is pleasing to see the final piece of the puzzle coming together to bring the revenue stream into the operations,” said Victor Rajasooriar.
“With nickel, copper and cobalt prices strengthening, and forecast to remain buoyant into 2022, we look forward to more successful shipments in 2022.”
The company reported around 50 tonnes of concentrate was left behind at the Wyndham storage shed and will form part of the second shipment.
The second shipment is planned for February.
Panoramic Resources last traded at 26 cents on December 29.
