PERTH (miningweekly.com) – Nickel developer Panoramic Resources has completed an initial drawdown of $ 30 million on its Trafigura group’s $ 45 million secured loan facility, to support the country’s first nickel / copper / cobalt shipments. Savannah nickel project, Western Australia.
The loan facility has two tranches, the first of which is a five-year prepayment loan facility totaling $ 30 million which is now in use. The second tranche is a $ 15 million revolving credit facility, which is still unused.
“This drawdown is another important step in the restart of the Savannah nickel project. The company is now fully funded for its operations from a combination of existing cash reserves and funds received from this drawdown, ”said the Managing Director and CEO Victor Rajassooriar.
“Trafigura has strongly supported the restart and commissioning of operations in Savannah and is a significant business partner by providing the $ 45 million loan facility and a five-year nickel / copper / cobalt concentrate drawdown agreement to from February 2023.
“I am also satisfied with the progress we are making on restarting operations. It is important to note that the project is on budget and on schedule for the first shipment of nickel / copper / cobalt concentrate in December 2021. “
Following the drawdown, the five-year nickel / copper / cobalt concentrate extraction agreement for the period February 2023 to February 2028 with Trafigura is now unconditional. This agreement takes effect upon the expiration of the existing direct debit agreement with Jinchuan.