Savannah Project Restarting, Fully Funded
Highlights
- Savannah Nickel-Copper-Cobalt Project to restart
- $40M loan facility executed with Macquarie
- Mandatory hedging completed
- First shipment of concentrate scheduled for early in March 2019 quarter
Details
Panoramic Resources Limited (“Panoramic” or “Company”) is extremely pleased to announce that the Savannah Nickel-Copper-Cobalt Project (the “Savannah Project”) will reopen following the Company and Savannah Nickel Mines Pty Ltd (a wholly owned subsidiary of Panoramic) executing a credit approved term sheet with Macquarie Bank Limited for Project Finance Facilities (“Facilities”). The Facilities to be provided consist of a secured project loan of up to A$40 million and nickel and copper hedging lines. The combination of the equity raised in February 2018 via the 1 for 7 Entitlement Offer and the Macquarie project loan of up to A$40 million means the Savannah Project restart is fully funded. The finalisation of the Facilities is a significant milestone for the Savannah Project and was the remaining condition precedent to the Board making the decision to restart the project.
Savannah Project Restart
The Company is delighted to announce that the Board has made the formal decision to restart operations at the Savannah Project.
As a result of this decision, the Company has commenced Phase Two of pre-production activities and is targeting to export the first shipment of Savannah nickel concentrate to China early in the March quarter of 2019.
Once commissioned, the Savannah Project will ramp up to full production over 15 months to a forecast Life-of-Mine (LOM) average annual production rate of 10,800t Ni, 6,100t Cu and 800t Co metal contained in concentrate (refer to the Company’s ASX announcement of 27 October 2017 for further details on the production targets).
To read the full announcement, please click here
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