Panoramic Resources

Nickel miner Panoramic Resources has announced Victor Rajasooriar will commence as its new managing director and chief executive on November 11.

Independence Group is planning to take advantage of nickel miner Panoramic Resources’ operational issues and boardroom changes by launching a hostile scrip takeover bid.

Panoramic Resources has advised shareholders not to take action in respect of the off-market takeover offer launched last week by Independence Group, while also criticising some of the conditions attached to the offer.

Takeover target Panoramic Resources revealed today operational performance at its Savannah nickel project would be below previous forecasts over the next four months and that it would need to raise extra capital, with bidder Independence Group saying it would now review its offer.

Panoramic Resources and Independence Group have entered into a confidentiality deed which allows IGO to conduct due diligence on Panoramic and its Savannah nickel mine, in relation to an off-market takeover offer launched earlier this month.

Poseidon Nickel has made two key additions to its board and management team as it moves closer towards the restart of its flagship Black Swan operation near Kalgoorlie.

Panoramic Resources has formally rejected the takeover bid from Independence Group and confirmed it is seeking to raise $31 million to fund its operations, including the underperforming Savannah nickel mine.

Nickel miner Panoramic Resources has reported a 72 per cent take-up by shareholders for the retail component of its underwritten $32.7 million entitlement offer, helped by support from major shareholder Zeta Resources.

Azure Capital, Canaccord Genuity and DLA Piper were among the most active advisers on corporate finance deals in 2019.

Shares in Panoramic Resources have plunged by more than 33 per cent, falling to their lowest price since 2016, after the company downgraded production guidance for the underground Savannah mine in the Kimberley.

Panoramic Resources has sold a portion of shares in its Perth-based subsidiary, Horizon Gold, to the company’s major shareholder for $5.5 million.

Mining services provider Perenti Global has secured $155.5 million in new and extended contracts for works in Australia and Africa through its surface mining operation.

Panoramic Resources will receive an $8 million unsecured loan from major shareholder Zeta Resources to fund activities at the Savannah nickel mine in Western Australia.

Panoramic Resources has announced the temporary closure of its Savannah nickel mine in the East Kimberley.

Panoramic Resources has edged closer to the restart of its Savannah nickel mine in the East Kimberley after launching a $90 million capital raising, with Western Areas to emerge as a new strategic investor.

Panoramic Resources is selling a portion of its non-core metals project to a private entity in Dubai for $12 million.

Nickel miner Panoramic Resources has agreed to sell 80 per cent of Panton Sill, the operator of a metals project in the East Kimberley.

Panoramic Resources has decided to reopen its Savannah nickel operation, after completing a 12-month review to de-risk and improve the project.

Perenti has started early works on the Savannah nickel mine in WA after finalising a four-year agreement with project owner Panoramic Resources.

Listed contractor NRW Holdings has secured new work through its Primero business, including on two iron ore projects in Western Australia.

Base metal miner Panoramic Resources has completed the bookbuild for a deeply discounted $40 million placement.

Troubled nickel miner Panoramic Resources has been placed in the hands of administrators from FTI Consulting after an unsuccessful bid to obtain funding or attract buyers.

The administrators of Panoramic Resources will suspend operations at its Savannah nickel mine in the Kimberley region, resulting in immediate redundancies for hundreds of staff.

Mark Beyer and Mark Pownall discuss Alcoa's refinery closure; Panoramic's shuttered mine; Stockland's retirement living vision; another Creasy deal; a new Yallingup resort, and preview the upcoming magazine.

It has been a torrid start to 2024 for WA's nickel miners as ESG credentials appear to take a backseat to low prices for some manufacturers amid global cost of living pressures.

The Federal Court has approved a six-month extension sought by administrators of collapsed miner Panoramic Resources as they examine the dozens of expressions of interest to buy.

An urgent meeting between battery metal bosses and politicians must result in measures to reduce costs and improve efficiency to stave off further pain in the sector, WA’s peak resources lobby says.

Project scale-backs and mine closures have put jobs in the spotlight but the headline figures only tell part of the story.

An ASX-listed shareholder in Panoramic Resources has lobbed a rescue bid to potentially pull the shuttered nickel miner out of administration.

Creditors in felled nickel miner Panoramic Resources have voted to approve a rescue proposal from ASX-listed shareholder Zeta Resources this afternoon.