23/10/2019 - 12:59

Panoramic appoints new MD

23/10/2019 - 12:59

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Nickel miner Panoramic Resources has announced Victor Rajasooriar will commence as its new managing director and chief executive on November 11.

Panoramic appoints new MD
Victor Rajasooriar is a mining engineer with more than 20 years' experience in the sector.

Nickel miner Panoramic Resources has announced Victor Rajasooriar as its new managing director and chief executive, starting on November 11.

The appointment comes two months after the company’s long-serving managing director, Peter Harold, announced his retirement.

Mr Rajasooriar is a mining engineer with more than 20 years' experience in the sector, having most recently served as the chief executive of junior gold miner Echo Resources for one year.

Prior to that he was the chief executive of Ora Banda Mining (formerly Eastern Goldfields) for 10 months, and chief operating officer at underground mining contractor Barminco for nearly four years.

Mr Rajasooriar was also the managing director of Breakaway Resources for two years, and is a current member of the Australian Institute of Mining and the Australian Institute of Company Directors.

His remuneration package as the new managing director at Panoramic comprises a $575,000 base salary (inclusive of superannuation), as well as short- and long-term incentives of up to 60 per cent and 100 per cent respectively of the base pay.

Panoramic Resources chairman Brian Phillips said the board looked forward to Mr Rajasooriar’s contribution as he moved into his new role.

“(It) is an exciting time for Panoramic as the Savannah project is about to commence mining the high-quality Savannah North nickel-copper-cobalt deposit,” he said.

Mr Phillips also thanked Mr Harold for his many years of service, after co-founding the company as Sally Mining in 2001 and serving as managing director for 18 years.

In July, Panoramic sold its Thunder Bay North platinum group metals project to Benton Resources to focus on the ramp-up of the Savannah project, which averaged only 47,000 tonnes of ore for July and August compared with guidance of approximately 60,000t.

Shares in Panoramic Resources were up 0.65 per cent to trade at 31 cents per share, as at 3:35 AEDT.

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