So Victor was meeting on 23 October with the future administrators a month before TH
And not announced at all.
Yet he had $45M cash at bank and just did a large CR at 5.0c 31 July
IGO is mentioned as a potential white knight but hit by its WSA overpriced fiasco -
"However, IGO is still reeling after conceding in December that it may have to write off all the $1.3 billion it paid for the Western Areas nickel assets about 18 months ago."
IGO still has $780M cash at bank.
Once again the dufus big boys burnt through $13,500M on garbage with nothing to show for it other than IGOs Nova mine.
BHP IGO AFAF/Wyloo are the dumbest in the room led by failure advisers.
The dufus rich get richer and dumber while the poor get smarter and poorer.
Eventually the poor inherit the earth.
Its all about FTI getting a deal between IGO & Trafigura imho and they are already partners at FF & Nova for offtake.
Nickel miner Panoramic saw writing on the wallBrad ThompsonJan 2, 2024 – 6.05pm
Indonesian producers are dominating global nickel supply. AP none
Nickel producer Panoramic Resources called in FTI Consulting for advice on cash flow problems almost two months before slipping into voluntary administration.
Panoramic chief executive Victor Rajasooriar reached out to FTI on October 23, just days after the company’s annual general meeting where chairman Nicholas Cernotta noted how far the nickel price had plunged across 2023.
Indonesian producers are dominating global nickel supply. APnone
The Panoramic board eventually
appointed FTI as administrators on December 14 after efforts by advisory firm Treadstone Partners to save the company through a sale or joint venture deal were unsuccessful.
FTI revealed its initial involvement with Panoramic in a declaration of relevant relationships filed with the Australian Securities and Investments Commission.
Panoramic engaged FTI to carry out a review of cash flow models, which included scenarios where its Savannah nickel mine in Western Australia was put into care and maintenance.
Another option involved slashing corporate office costs while Savannah continued operating.
FTI executives Andrew Bantock and Travis Barnett presented the findings of the review to the Panoramic board on November 6.
The Savannah mine continues to operate and multinational commodity trader Trafigura is in prime position to take control of the asset.
FTI, through administrators who were not involved in the earlier work with Panoramic, is trying to sell or recapitalise the failed nickel miner against a gloomy backdrop for the sector.
Sector challengesThe benchmark price for nickel measured by the London Metals Exchange has fallen to around $US16,600 a tonne after the metal was fetching just over $US30,000 a tonne in January 2023.
The federal Department of Industry has warned of more “downward pressure” on nickel prices in 2024 because Indonesian miners were poised to oversupply nickel markets for years to come.
In the days after Panoramic was tipped into administration,
BHP warned its Nickel West business was not immune to the challenges faced by a sector where some mines have shut.
And Wyloo Metals, the private mining company owned by Andrew and Nicola Forrest, is battling to keep open the Mincor nickel operations it acquired for $760 million last July.
Trafigura has a contract to buy most of the nickel, copper and cobalt concentrate produced by Panoramic, which is understood to have gone into administration with cash reserves of about $30 million and debts of about $60 million.
Trafigura is believed to have security over Panoramic’s assets based on the details of an unresolved loan announced to the ASX in April 2021.
IGO Limited, the second-biggest holder of Panoramic shares with 13.7 per cent according to the failed company’s most recent annual report, has tenements around the Savannah mine.
However, IGO is still reeling after conceding in December that it may have to write off all the $1.3 billion it paid for the Western Areas nickel assets about 18 months ago.
The FTI declaration filed with ASIC reveals meetings with and correspondence with Panoramic executives, directors and other advisers from October 23 to December 13.
FTI said the meetings and other contact did not affect its independence as the administrator.
It said court and other relevant professional bodies recognised the need to provide advice on the insolvency process and the options available and “do not consider that such advice results in a conflict or is an impediment to accepting the appointment”.
“The pre-appointment advice will not influence our ability to be able to fully comply with the statutory and fiduciary obligations associated with the appointment of voluntary administrators of the companies in an objective and impartial manner,” FTI said.
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