Panoramic Resources Limited (ASX:PAN) has confirmed that the first shipment of nickel-copper-cobalt concentrate from the Savannah Nickel Project in Australia has been completed.
The MV Merwedegracht arrived at Wyndham Port on the afternoon of December 21, 2021. Stevedoring contractor CGL was responsible for loading the ship, which took just over four days.
A total of 10,865t of nickel-copper-cobalt concentrate at the required specifications was loaded to maximise the ship’s payload capacity. The ship departed on the afternoon of December 26, sailing to the Port of Lianyungang in China for delivery to offtake partner Jinchuan. Approximately 50t of concentrate was left behind at the Wyndham storage shed and will form part of the second shipment.
As per the offtake agreement with Jinchuan, a provisional invoice has been submitted with payment expected in the week commencing January 3, 2022. The payment of US$14.8M (A$20.4M) is inclusive of all three metals contained in the concentrate.
Managing Director and CEO, Victor Rajasooriar, said the second shipment is planned for February 2022, with the MV Maasgracht expected to arrive at Wyndham Port in mid- February 2022.
“The loading of the ship was carried out efficiently and CGL did a fantastic job in executing the works safely during a very busy festive period,” Mr Rajasooriar said.
“It is pleasing to see the final piece of the puzzle coming together to bring the revenue stream into the operations. With nickel, copper and cobalt prices strengthening, and forecast to remain buoyant into 2022, we look forward to more successful shipments in 2022.”
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