SENIOR MANAGEMENT REFRESH
• Managing Director, Peter Harold, to depart
• Search underway for a new Managing Director
Details Panoramic Resources Limited (“Panoramic” or the “Company”) advises that its Managing Director, Peter Harold, will be leaving the Company after 18½ years of service. Under the terms of Peter’s Employment Agreement, his last date of employment with Company will be 19 August 2020, however this date can be brought forward.
Panoramic is commencing a process for the appointment of a new Managing Director. This change forms part of a management refresh at Panoramic.
Peter has made a longstanding and valued commitment to Panoramic. He co-founded the Company as Sally Malay Mining Limited in 2001 (changed to Panoramic Resources Limited in 2008) and took it from the initial $3 million IPO through to a significant Australian nickel producer through the financing and development of the Savannah open pit, and later underground, nickel/coper/cobalt mine and processing plant in the Kimberley, Western Australia. The Company went on to acquire the Lanfranchi Nickel Mine in Kambalda in 2004 and produce over 190,000t nickel, 53,000t copper and 5,000t cobalt over the next 12 years, with the combined production from the two mines reaching a record of 22,256 tonnes contained nickel in concentrate/ore in FY2014. The Company has paid out over $114 million in fully franked dividends during that time and also acquired the Panton PGM Project, Magma Metals, the Mt Henry Gold Project and the Gidgee Gold Project (now Gum Creek). Gum Creek was spun out into Horizon Gold Limited (PAN 51%) in December 2016, while Lanfranchi was placed on care and maintenance in 2015 and sold in 2018. After some three years on care and maintenance, the Savannah mine was refinanced with new equity and a $40 million loan from Macquarie and is now operating, with production from the new Savannah North orebody scheduled to commence during the December 2019 quarter.
It is now an appropriate time to refresh senior management and the Board takes this opportunity to thank Peter for his commitment to the Company over the past 18 years and wishes him well in his future endeavours
For further information contact:
Brian Phillips
Non Executive Chairman
or
Trevor Eton
CFO and Company Secretary
+61 8 6266 8600
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