Photo by: Bloomberg
PERTH (miningweekly.com) – Nickel miner Panoramic Resources has become a shareholder of fellow-listed GME Resources, and has signed a memorandum of understanding (MoU) with that junior for the NiWest nickel laterite project, in Western Australia.
Panoramic on Monday announced that it would spend A$500 000 on acquiring more than 18.5-million shares in GME.
Under the MoU, the two companies would also look to the future potential exploration, development and financing of GME’s NiWest project.
Following an initial review of the project, Panoramic would provide GME with advice on further exploration, project optimisation, project commercialisation alternatives and funding alternatives.
Panoramic could also provide GME with commercial terms with regards to its future involvement in the project, whether through a joint venture or further strategic investment by Panoramic, an acquisition of the project or some other transaction.
GME MD Jamie Sullivan pointed out that Panoramic’s investment coincided with the start of a major metallurgical programme designed to test the NiWest flow sheet at feasibility level.
“A successful outcome of this work has the potential to significantly enhance the company’s development strategy to transform the NiWest nickel project into a long-term nickel operation,” said Sullivan.