https://www.miningweekly.com
Business|Consulting|Financial|PROJECT|Resources
Business|Consulting|Financial|PROJECT|Resources
business|consulting-company|financial|project|resources

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 Senior Deputy Editor Online

     

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

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

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:0.324 0.357s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: