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The Savannah concentrate is contracted for sale to the Jinchuan Group of China until April 2020. The terms of the Extended Concentrate Sales Agreement for 100% of the concentrate from the Savannah Project are similar to the terms of the original Concentrate Sales Agreement signed in 2003, and are considered by Panoramic to be very competitive in global terms. The Savannah concentrate will continue to be shipped from Wyndham to Jinchuan’s smelter/refinery in the Gansu province, northwest China.

The general terms and conditions of the new agreement include the following:

• product – sulphide concentrate with a typical specifications of 7-8% Ni, 4-5% Cu, 0.5-1.0% Co, 40% Fe, 0.5-1.0% MgO;
• quantity – approximately 100,000 wet metric tonnes per annum (no minimum or upper limit);
• payable metals – Ni, Cu and Co; and
• price basis – agreed % of LME cash price for Ni and Cu and agreed % of Metal Bulletin Co price.