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Panoramic buys out WA JV partner

Panoramic buys out WA JV partner

Photo by Bloomberg

13th May 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Nickel miner Panoramic Resources has paid fellow listed Thundelarra Exploration A$800 000 to gain full ownership of the Copernicus and East Kimberley joint ventures (JVs).

Thundelerra held a 22% interest in the Copernicus JV and a 31% interest in the East Kimberley JV, both of which are located in Western Australia.

The Copernicus JV is a small openpit nickel sulphide deposit that has been on care and maintenance since 2008, while the East Kimberley JV consists of a number of regional exploration licences around Panoramic’s Savannah nickel operations.

Copernicus contains a resource of some 9 950 t of contained nickel and a reserve of 3 750 t of contained nickel.

Thundelerra told shareholders on Tuesday that nickel was not a core focus for the company, adding that the sale of the remaining minor interests in the JVs had a two-fold positive effect for the company, the first of which was to save Thundelerra from making any further contributions to the JV expenditure, while delivering value to shareholders.

The transaction also delivered cash to the junior explorer, allowing it to pursue its exploration strategy at its Red Bore, Curara Well and Allamber projects.

Edited by Creamer Media Reporter

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