Australia's Panoramic Resources slumps on downgrading FY23 production view

Panoramic Resources

14/06/2023 03:38

** Shares of Panoramic Resources Ltd  PAN.AX  fall as much
as 13.1% to A$0.086, their lowest level since Sept 14, 2020 
    ** Nickel miner says processing of ore and concentrate
production has been suspended at co's Savannah Nickel Project in
Western Australia
    ** Says FY23 guidance of co will not be met as a result of
the suspension of concentrate production 
    ** Co discovers a crack in an equipment in the processing
plant at the project 
    ** Says FY23 guidance for production is now expected to
deliver 5,400–5,800 tonnes of nickel, 3,100–3,400 tonnes copper
and 350–400 tonnes of cobalt 
    ** About 9.7 mln shares change hand at 0217 GMT, compared to
30-day average trading volume of 3.9 mln shares 
    ** Shares of co are down 43.4% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))