Panoramic Resources (ASX:PAN)
has agreed to sell its Lanfranchi Nickel Project to a wholly owned subsidiary of Texas-based Black Mountain Metals for $15.1 million.
Panoramic and Black Mountain have executed a binding Sale and Purchase Agreement to which Black Mountain will acquire all of the issued shares in Panoramic’s wholly-owned subsidiary Cherish, which owns 100 per cent of the Lanfranchi Nickel Project and associated infrastructure in Western Australia.
The sale of Lanfranchi is consistent with Panoramic’s strategy to focus its efforts on the restart of the long-life Savannah Ni-Cu-Co Project, which is on schedule to deliver concentrate early in the March 2019 quarter.
Shares in Panoramic Resources (ASX:PAN)
closed 4.35 per cent lower to 44 cents yesterday.