Total
12
Shares
Members of the Panoramic team, Jinchuan and CGL at the Wyndham Port Source: Panoramic Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

PAN by the numbers
More From The Market Herald
Siren Gold (ASX:SNG) - Chairman, Brian Rodan

" Siren Gold (ASX:SNG) to begin scoping study at NZ gold projects

Siren Gold (ASX:SNG) will undertake a scoping study for underground development at its Big River and…

" Mad Paws (ASX:MPA) reports 199pc growth December-quarter revenue

Pet services marketplace Mad Paws (ASX:MPA) has reported operating revenue for the December quarter of $2…

" Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project

Vanadium Resources (A:VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium…

" Stanmore (ASX:SMR) awards EPSA Pacific $564m open-cut mining contract

Stanmore Resources (ASX:SMR) has awarded EPSA Pacific a $564 million mining contract at its Isaac Downs…