Panoramic raises funds to shorten Savannah restart lead time
JOHANNESBURG (miningweekly.com) – As Western Australia-based Panoramic Resources moves closer to a decision to resume mining operations at the Savannah nickel mine, in the East Kimberley, the company will raise A$20.9-million for preproduction activities.
Panoramic will raise A$20.9-million in a one-for-seven pro-rata renounceable entitlement offer at 34c a share, the ASX-listed company reported on Wednesday, adding that the offer was fully underwritten.
“In order to reduce the lead time for a restart of Savannah, the company believes it is prudent to commence a number of critical-path preproduction activities prior to a formal board decision to restart operations,” the firm said in a statement, noting that a decision to restart was contingent on a sustained recovery of the nickel price, concluding offtake contracts and finalising appropriate financing.
Panoramic is working towards restarting the Savannah mine, which has been under care and maintenance for a year-and-a-half, following an increase in the nickel price last year. The company has updated Savannah’s feasibility study and will be targeting 10 800 t/y of nickel, 6 100 t/y of copper and 800 t/y of cobalt from the mine. All three metals are essential materials for the fast-growing battery industry.
The restart of the mine is estimated to cost A$36-million, according to the October 2017 updated feasibility study.
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