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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.