Australian metal properties exploration and development company Panoramic Resources has divested its Lanfranchi nickel project in Western Australia to U.S. coal mining company Black Mountain Metals’ unit for $15.1 million.
The divestment allows Panoramic to center its efforts on the Savannah nickel-copper-cobalt operations project.
Black Mountain paid Panoramic a deposit of $1.51 million followed by an $11.99 million payment upon meeting its conditions of disposal.
The rest of the balance, $1.6 million, will be paid in 12 monthly portions 14 days from Lanfranchi’s first supply to, or processing of ore, at Australian mining and metals company BHP’s West Kambalda, or January 1, 2021, whichever is earlier.