Savannah may sell flagship nickel asset
ASX-listed Panoramic Resources said on Thursday it had initiated a strategic review to evaluate its options for the Savannah nickel project, in the Kimberley region of Western Australia.
The review comes amid a downturn in the market with nickel prices having fallen about one-third since the beginning of the year.
Panoramic said the review would assess ongoing capital requirements in the context of current and forecast nickel prices and evaluate funding options.
It would also seek “interest from third parties to submit proposals” that would deliver value to shareholders, the company stated, noting that options could include a partial or complete divestment of Savannah, joint ventures or other funding options.
Panoramic has engaged Treadstone Resource Partners to conduct the strategic review. Gilbert + Tobin will assist with the strategic review.
Chairperson Nicholas Cernotta said last month that the commodity price wobbles of the past year-and-a-half had been inconsistent with the fundamentals that suggested that nickel was a sought-after strategic mineral in an energy transmission world.
“The fundamentals are still encouraging, so we just need the nickel price to reflect that,” he said.
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