https://www.miningweekly.com

Low nickel price claims Panoramic Resources

The Savannah nickel mine in Western Australia

The Savannah nickel mine in Western Australia

14th December 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Australian nickel company Panoramic Resources went into voluntary administration on Thursday, having failed to secure funding or partnerships for the company or its Savannah nickel project in the Kimberley region of Western Australia.

Panoramic reopened the Savannah mine in 2021, but the company has struggled amid low nickel prices.

Advisory firm Treadstone Partners was tasked in November with finding a solution for Panoramic through a sale, joint venture deal or recapitalisation.

However, FTI Consulting reported that process was unsuccessful in the time available and that the company was unable to satisfactorily progress any sales, recapitalisation or partnering options to a point where they would provide sufficient financial certainty to the company and its stakeholders.

The administrators added that it would pursue an accelerated dual-track strategy to either sell or recapitalise the Panoramic business.

“Panoramic retains sufficient cash to enable the administrators to conduct this on a ‘trade-on’ basis, so that the mine will continue to operate, at least in the short term, while the administrators undertake this process,” it noted.

During the administration period, Panoramic’s listed securities on the ASX will be suspended.

In 2019, IGO made a A$312-million takeover bid for Panoramic, but the transaction lapsed after several defeating conditions were triggered.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Monitor Distributors
Monitor Distributors

We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...

VISIT SHOWROOM 
Tradestream
Tradestream

We partner growth of our select clients through our comprehensive and competitive integrated international logistics, trade finance and information...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

➕

➕

➕

➕

➕

RESEARCH CHANNEL AFRICA

SUBSCRIBE

➕

➕

➕

➕

➕

➕

➕

➕

➕

➕

CORPORATE PACKAGES

CLICK FOR A QUOTATION

➕

➕







sq:0.054 0.078s - 128pq - 2rq
Subscribe Now