Panoramic Resources Limited has provided the preliminary summary of mining, processing, and production from the Savannah Nickel Project for the March 2023 quarter.
Three concentrate shipments were completed during the March quarter, with the next shipment scheduled to depart from the Wyndham Port in the second half of April. The March Quarterly Activities Report, which will be released later this month, will include fully reconciled results, including operational costs.
During the quarter, Panoramic reported that inclement weather disrupted mining operations and supplies at the Savannah Nickel Project. According to Panoramic, site staff took every precaution to increase productivity while remaining safe. The main impact on output was the prolonging of a planned mill shutdown in February due to a lack of components and labour, with the logistics route to the site cut off from both the Fitzroy Crossing to the west and the Victoria River Crossing to the east. Panoramic stated that the extended mill shutdown had a knock-on effect on paste output for subterranean backfill and stope opening.
Key preliminary outcomes in the March quarter of 2023 compared to the December quarter of 2022 include:
- Total Recordable Injury Frequency Rate of 2.4, an improvement of 8%
- Jumbo development is down 30% to 803m
- Ore mined down 2% to 174,924t
- Ore milled down 4% to 170,562t
- Nickel recovery is up 1% to 81.46%
- Concentrate production is down 3% to 19,764dmt
- Contained nickel production down 4% to 1,465t
- Contained copper production down 1% to 825t
- Contained cobalt production down 6% to 99t
- Cash at quarter end up 20% to $32.5M (after $3.9M in debt and interest repayments)
“The operations staff and contractors achieved a great outcome given the logistical challenges faced on site due to the severe weather. Pleasingly, our safety performance continued to improve, and production levels were maintained at a similar level to the previous quarter. Despite the challenges our cash balance improved over the quarter assisted by prudent cost management and strong commodity prices,” Panoramic Managing Director and CEO Victor Rajasooriar said.
