Panoramic Ships First Bulk Concentrate from Savannah

Panoramic Ships First Bulk Concentrate from Savannah

Panoramic Resources has sent off its first shipment of bulk nickel-copper-cobalt concentrate from the Savannah project in Western Australia.

Panoramic Resources (ASX:PAN,OTC Pink:PANRF) has sent off the first shipment of bulk nickel-coppercobalt concentrate from its Savannah project in Western Australia’s Kimberley region.

The shipment, which set sail for Lianyungang, China on Wednesday (February 13), consisted of 7,735 wet metric tonnes of the concentrate; the company says the preliminary invoice value was approximately AU$8.6 million.

“It is wonderful to see Savannah concentrate being shipped again from Wyndham,” Panoramic Managing Director Peter Harold said in a statement.

“This is a significant milestone in the recommissioning of the mine and processing plant at Savannah and I would like to thank the team at Savannah for their efforts to get the project going again.”

Savannah was originally commissioned by Panoramic in late 2004 for $65 million, but was later placed on care and maintenance in May 2016 due to a decline in nickel pricing.

In late 2017, the company delivered an updated feasibility study, later locking down an offtake customer, project financing and making an official decision to restart operations in mid-2018.

The company also bought and restarted the Lanfranchi nickel project near Kambalda in 2005, putting it on care and maintenance around the same time as Savannah. Panoramic opted to sell Lanfranchi in December 2018 for $15.1 million, and put the money towards supporting Savannah’s reopening.

Ramp up to full production at Savannah is expected to take 15 months, and the asset is set to see life-of-mine average annual production of 10,800 tonnes of nickel, 6,100 tonnes of copper and 800 tonnes of cobalt metal in concentrate over its estimated 10-year mine life.

Despite the positive news, Panoramic’s share price closed 3.3 percent lower on the ASX on Friday (February 15), ending the day at AU$0.44.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Lodgement of Codrus Minerals Limited IPO Prospectus

Key Highlights:

Codrus Minerals Limited has lodged its IPO Prospectus with ASIC to raise a minimum of $5,000,000 and a maximum of $8,000,000.
• PAC Partners Securities Ltd and Westar Capital Limited appointed as Joint Lead Managers.
• Priority offer to eligible Blackstone shareholders up to 10,000,000 shares.
• Shannan Bamforth, experienced Exploration Geologist appointed as Managing Director.
• Highly prospective Gold IPO with the spin-out of the Western Australian gold assets, including the Silver Swan South Project, Red Gate Project and the Middle Creek Project
• The Bull Run project in Oregon USA, consisting of 90 claims in Baker County in Eastern Oregon, prospective for gold and has been mined since 1929.
• Blackstone to be a substantial shareholder of Codrus.

Keep reading... Show less

Appointment of Codrus Managing Director

Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce the appointment of Shannan Bamforth as Managing Director of Codrus Minerals Limited (“Codrus”), the spin out of its non-core gold assets announced earlier this year (Refer to ASX announcement from 15 January 2021)

Mr Bamforth is a geologist with over 20 years’ experience in the resources industry with a focus on base metals and gold. He has worked in exploration, operations and corporate roles in Australia, Africa, China, and Indonesia. Mr Bamforth comes to Codrus from Sandfire Resources where he has been working in the role of General Manager Geology since 2010. Prior to this role he held various senior positions with a variety of companies including Regent Pacific Group, St Barbara Mines, AngloGold Ashanti, and Acacia Resources. He is a member of The Australian Institute of Mining and Metallurgy.

Keep reading... Show less

Blackstone Minerals Quarterly Report for the Period Ending 31 March 2021

Ta Khoa Nickel – Copper – PGE Project

Upstream Business Unit (UBU)

Keep reading... Show less

Graphite Metallurgical Test Work Update

Highlights:

  • Bulk sample of Springdale graphite concentrate estimated to be completed in Q2 2021.
  • Concentrate material will then be sent to Germany to test its amenability for the production of battery anode material suitable for use in EVs.
  • Final test results expected in Q3 2021.

Comet Resources Ltd (ASX:CRL) is pleased provide an update on ongoing test work on natural flake graphite from its Springdale Graphite Project (Springdale) located in Western Australia. Both excellent grade and recoveries were achieved on initial tests, leading to commencement of work to produce a bulk sample for further testing. Importantly, the graphite concentrates previously produced demonstrated a unique and potentially very valuable characteristic in its small size distribution, with two-thirds of the product passing the 38 µm size fraction screen. Generally, this small size fraction of graphite is a by-product of processing of larger flake fractions, which produces smaller size graphite, but in doing so also damages the smaller flake material in the process, reducing their performance and value. Deposits that contain high quality ultra-fine graphite are uncommon and are potentially suitable for supplying the expanding battery anode market, which continues to grow as the sales of electric vehicles (EVs) increase. Graphite suitable for battery anode production also achieves premium pricing in graphite markets, making it a highly sought-after product.

Keep reading... Show less

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Top News

Related News