Panoramic Resources sees iron ore below forecast

Company News

by Rachael Jones

Panoramic Resources (ASX:PAN) operational update for the Savannah nickel-copper-cobalt Project shows a number of challenges in 2018 such as storm damage, delays in recruiting various personnel and mobile equipment availability.

The ramp up of the mining and processing operations continued during January and February albeit at slower than expected rates.

Improvement initiatives are being implemented to address productivity predominantly in mining and a significant project milestone of the first shipment of concentrate was achieved in mid-February.

Iron ore production was being below forecast in January and only 60 per cent of forecast for February 2019 due to a number of factors

Paste placement will now ramp up, which will allow mining rates to improve.

Shares in Panoramic Resources (ASX:PAN) are on a trading halt - Shares last traded at 46 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.