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The temporary suspension has affected multiple_aspects of Savannah’s operations including transportation, availability and costof personnel and equipment and supplies.
Panoramic Resources noted the health_and_safety of its employees and contractors, along with the “heightened sensitivity” of coronavirus spreading to the Kimberly region’s communities also contributing to the decision.
“This has been a difficult decision to take but is unquestionably the right one for the current operating environment and Panoramic’s particular circumstances,” Panoramic managing director and chief executive officer Victor Rajasooriar said.
“We believe that it will protect the welfare of our staff and contractors, and the surrounding communities, as well as target the preservation of shareholder value through these difficult times.
“We greatly appreciate the support of all our stakeholders through this period in what is an incredibly challenging environment for them also.”
Panoramic stated Savannah’s temporary suspension will help preserve cash while the company workstowards reviewing its fundingstructure for when the mine’s operations recommence.
Along with suspending operations, Panoramic has withdrawn its production and cost guidance along with a suspension to trading in its shares on the Australian Stock Exchange until its plans for Savannah nickel mine’s future are finalised.
Essential services, safety and environmental monitoring will continue to operate at thesite, while the company aims to workwith employees and contractors to ensure the suspension isundertaken as smooth as possible.
Panoramic recently handedunderground operational management of the Savannah nickel mine to Perenti subsidiary, Barminco.
Under the agreement, Barminco undertakes minedevelopment, production and haulage with approximately 120 employees working at Savannah.