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(Kitco News) - Panoramic Resources (ASX: PAN) announced today that mining and processing operations at its Savannah nickel-copper-cobalt mine in Australia continue to ramp up safely following restart.
The company said that in March quarter 2022, ore mined increased 42% quarter-on-quarter to 108,266t, ore milled increased 20% quarter-on-quarter to 148,709t, and concentrate production increased by 57% to 17,498dmt containing 1,256t nickel, 802t copper and 81t cobalt.
According to a press-release, second and third shipments of nickel-copper-cobalt concentrate completed. Subsequent to the end of the quarter, the third shipment departed Wyndham Port carrying 10,347wmt of concentrate cargo.
The company added that resource infill drilling program completed to support the upgrade of inferred resources in mine plan and the opening of a second mining front at Savannah North in FY23.
Panoramic also noted that its cash balance at the end of the quarter was A$13.7M, up from A$11.2M at the end of the previous quarter and excludes the provisional value of the third ship that sailed 1 April totaling A$29.2M (cash received mid-April).
Managing Director and CEO Victor Rajasooriar commented, “The relaxation of state border restrictions was a welcome development during the quarter, improving site labor availability during an important ramp-up phase at the mine. The team at site remains firmly focused on the safe ramp up of operations as we move toward steady-state production. As the ramp up continues, we are pleased to have been able to end the March quarter with a higher cash balance compared to the previous quarter.”
Panoramic Resources is a base metal mining and exploration company headquartered in Perth, Western Australia. Panoramic owns the Savannah underground nickel sulphide mine and processing plant, located in the East Kimberley region of Western Australia.
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