Panoramic Resources complete sale of Lanfranchi Nickel Project

Company News

by Rachael Jones

Panoramic Resources (ASX:PAN) has completed the sale of the Lanfranchi Nickel Project in WA to a wholly owned subsidiary of Texas-based Black Mountain Metals.

Under the terms of the Sale and Purchase Agreement, Black Mountain paid a deposit of $1.51 million, with $11.99 million payable upon completion.

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

Panoramic Resources (ASX:PAN) trading 1.28 per cent higher at 40 cents.

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