Panoramic offloads Lanfranchi

PANORAMIC Resources has signed a deal to sell its mothballed Lanfranchi nickel mine for A$15.1 million cash.

Panoramic offloads Lanfranchi Panoramic offloads Lanfranchi Panoramic offloads Lanfranchi Panoramic offloads Lanfranchi Panoramic offloads Lanfranchi

The buyer is Texas-based private equity firm Black Mountain Metals (BMM).

BMM will pay a $1.51 million deposit, followed by $11.99 million due on completion of the deal, expected during the December quarter.

Panoramic will receive deferred cash consideration of $1.6 million to be paid in 12 equal monthly instalments, starting from the date that is 14 days from the first supply of ore under the current contract with Nickel West, the processing of ore in another commercial capacity or January 1, 2021 - whichever is earlier.

The sale will allow Panoramic to focus on the $36 million restart of its Savannah nickel-copper-cobalt mine in Western Australia's Kimberley region.

Lanfranchi was acquired by Panoramic in 2005 and put on care and maintenance in 2015 ...