Panoramic Resources Limited (ASX:PAN)
says that due to a recent seismic event the miner has elected to suspend production from its Deacon orebody.
Following the magnitude 2.3 event there was no significant damage however due to the limited ore remaining in Deacon and lower nickel prices the operation will be closed down for now.
The changes have forced approximately half of the Lanfranchi workforce to be made immediately redundant.
The company’s plans for the Lower Schmidt discovery remain unchanged.
Revised production guidance will follow the preparation of a new budget for the group to be released by the end of the month.
Panoramic reported a net loss of $4.76million for the first half of the 2015 financial year.