Panoramic Resources Limited appointed administrators have determined that operations at the company’s Savannah Nickel Project in the Kimberley region of Western Australia are to be suspended after in-depth discussions with major creditors, key suppliers and other stakeholders.

This decision comes after a recent shipment of approximately 10,000 tonnes of nickel concentrate on 3 January 2024 — however, nickel prices have continued to decrease.

As a consequence of this decision, the majority of the c.140 Panoramic staff on-site at the Savannah Nickel Project will face redundancy.

Employees with unpaid accrued entitlements are creditors in a voluntary administration of a company with certain statutory priority entitlements ranking above the claims of unsecured creditors.

Panoramic Resources Administrator and FTI Consulting Senior Managing Director Daniel Woodhouse stated: “The Administrators, with assistance from Treadstone Resource Partners, will continue a dual track strategy to sell or recapitalise the Panoramic business.

“This process will continue regardless of the Savannah Nickel Project’s operating status and look to realise the full value of the defined ore bodies, extensive infrastructure, and exploration potential of the project.”