Panoramic hunting for critical metals project
PERTH (Miningweekly.com) – Nickel company Panoramic Resources will be looking to expand its portfolio within the next 12 to 18 months, MD and CEO Victor Rajasooriar said.
Speaking on the sidelines of Diggers & Dealers, Rajasooriar said that the company is looking to add a critical metals project to its asset base.
“We have to find the right one. We have kissed a lot of frogs, but nothing has popped up yet. We have to look for the right one,” he told journalists.
Rajasooriar said that while the company would look at developing assets across Australia, its preference would be an operating asset.
“We prefer an operating asset because that is where we bring the right skillset. We are very good operators, despite the challenges at Savanah, and we operate a lean business,” he added.
Panoramic recently completed the bookbuild for an underwritten two-tranche share placement to raise A$40-million to strengthen its balance sheet and to remove the short-term working capital pressure caused by the one-off weather event at its Savannah operation.
The company has also resumed nickel/copper/cobalt concentrate production at its Savannah project and is targeting the production of between 6 800 t and 7 600 t of nickel in concentrate for 2024, some 4 250 t to 4750 to of copper in concentrate and 400 t to 500 t of cobalt in concentrate.
In March, the company updated the life-of-mine plan at Savannah with the project now expected to have a mine-life of 12 years, delivering 9 402 t/y nickel, 5 046 t/y copper and 714 t/y cobalt metal in concentrate. Site all-in costs over the same period are estimated to average A$8.57/lb nickel across the mine-life.
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