Panoramic exceeds own expectations

Nickel miner Panoramic Resources has exceeded its production guidance for the 2013 financial year, on the back of an 18 per cent rise in output in the June quarter.

Panoramic released its preliminary June quarter results today, saying it produced 5,537 tonnes of nickel in concentrate in the June quarter, taking FY2013 production to 19,479 tonnes.

Average cash costs were down 15 per cent on the March quarter in June, Panoramic said, to $5.28/pound.

Panoramic said the savings came on the back of its strong production performance and ongoing cost reduction initiatives.

The company said it expected to produce between 19,000 and 20,000 tonnes of nickel in concentrate in FY2014.

Panoramic shares were steady at 11:30AM, WST, at 23.5 cents.