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tralia’s Kimberley region with production derwritten pro-rata rights issue last month
from the remnant orebody below budget in to provide contingency for any further
July and August. unexpected production delays, to supple-
Reduced availability of some high-grade ment revenue shortfall from the recent
stopes due to a localised seismic event in lower than anticipated output and to help
July and additional rehabilitation of access with the repayment of its $20 million debt
drives were two of the reasons cited for the facility with Macquarie Bank Ltd.
monthly production being about 14,000t Major shareholder Zeta Resources Ltd
under guidance. exercises all of its pro-rata entitlements as
Due to the lower than planned output to well as underwriting a further $2.8 million
start FY2020, Panoramic revised guidance worth of shares.
to 9,500-10,000t nickel, 5,800-6,000t cop- While the Panoramic board continues to
per and 600-650t cobalt. search for a new managing director, Harold
“It’s still being a little bit challenging, but will focus on ensuring the day-to-day activi-
we’re getting on top of most things,” Harold ties at Savannah continue to tick over.
said. “We’ve got two rigs underground at the
“We haven’t quite hit budget, but we’re moment drilling the top 400m of the ore-
not far off and we’ve now locked on to what body for detailed mine design,” he said.
we need to do to achieve those changes. “We’re also testing a little bit to see if we Peter Harold
I’m really confident we’re only a couple of might have some more ore outside the cur-
months away from getting into Savannah rent resource and reserves. So, there’s a lot
North which is a fundamentally different of other jobs going on. We’ll have a busy fin- obviously come back and had quite an im-
project. The grades are better, the tonnes ish to the year.” pact on the price,” Harold said.
are higher; it’s a completely different story With nickel enjoying its best run in years “It was going to be put in place in two
over there. on the back of the looming Indonesian ore years time, but they’ve brought that for-
“We’ve just got to persist with Savan- export ban, Harold hopes the end of his ward now, so that’s clearly been the main
nah until we get into Savannah North and time at Panoramic is capped by continued driver.
there’s not long to go now. We’ll be in there high commodity prices. “We’ve seen before that when they’ve
before Christmas time.” At the time of print, the nickel price was put those bans in place the price responds
No major issues have been reported up almost 65% since the start of 2019. pretty aggressively, so I hope they keep
with processing or concentrate shipments. “People probably hadn’t really been fo- the ban on for a long time.”
Panoramic raised $28 million via an un- cusing on that ban too much, but that’s – Michael Washbourne

INCREASED MINING

PRODUCTIVITY —

REDUCED COSTS

+ Increased mine productivity
+ Increased life-of-mine
+ Bulk mining
+ Reduction in water and power consumption
+ Higher recovery
+ Less tailings
+ Reduced process cost

anthony.sacca@tomra.com +61 427 409 670 WWW.TOMRA.COM/MINING

aUSTRaLIa’S PaYDIRT OCTOBeR 2019 Page 95