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Panoramic Resources: suspension of operations at Savannah Nickel Mine in East Kimberley, Western Australia
Apr 15,2020 10:54CST
The content below was translated by Tencent automatically for reference.

SMM4, March 15: recently, due to the continuing impact of the epidemic, Panoramic Resources has suspended operations at the Savannah Nickel Mine in East Kimberley, Western Australia. The temporary shutdown has affected many aspects of Savannah (Savannah) operations, including transportation, personnel availability and the cost of equipment and supplies.

Victor Rajasooriar, managing director and chief executive of Panoramic, said: this is a difficult decision, but there is no doubt that it is the right choice for the current operating environment and the special circumstances of Panoramic. We believe that this will protect the welfare of our employees, contractors and surrounding communities and aim to protect shareholder value in these difficult times. We are very grateful to all stakeholders for their support during this period, which is also a very challenging environment for them.

Panoramic said the suspension in Savannah would help retain cash and that the company would review its financial structure when the mine resumed operations. In addition to suspending operations, Panoramic withdrew production and cost guidance and suspended trading in its shares on the Australian Stock Exchange until its future plans for its Savannah nickel mine were finalized.

Panoramic recently handed over the management of underground operations at the Savannah nickel mine to Barminco, a subsidiary of Perenti. Under the agreement, Bamenco will operate, produce and transport mines with about 120 employees in (Savannah), Savannah. If Savannah does not have a "clear vision to restart its business," Pelenti said, its Bamenco employees could be redeployed to other projects in the company's portfolio. Panoramic currently owes Barminco about $7 million, including the value of the work completed in April.

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