03/06/2009 - 11:06

Panoramic on hunt for acquisitions

03/06/2009 - 11:06

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Nickel miner Panoramic Resources is on the hunt for "company transforming" acquisition opportunities after it bought out the remaining interest in the Lanfranchi project it did not own.

Panoramic on hunt for acquisitions

Nickel miner Panoramic Resources is on the hunt for "company transforming" acquisition opportunities after it bought out the remaining interest in the Lanfranchi project it did not own.

In a statement today, the company said its medium- to long-term growth strategy was to diversify its portfolio into other commodities, specifically copper, gold, lead, zinc and selected bulk commodities.

Last month, Panoramic finalised its acquisition of Canadian-based Brilliant Mining Corp's 25 per cent interest in the Lanfranchi nickel project in the Kambalda region of WA.

Panoramic issued 12 million shares, escrowed for six months, to Brilliant for the acquisition.

Panoramic today said the acquisition, together with the significant resource upgrade to its flagship Savannah nickel operation in the Kimberley, represented important milestones in its nickel growth strategy.

"Panoramic is actively assessing potentially company transforming acquisition opportunities that are complementary to Panoramic's existing businesses and capabilities consistent with the objective of becoming a large diversified Australian mining house," it said.

The miner today announced an increase in the lower zone resource within the Savannah project to 50,120 tonnes of nickel, a 142 per cent jump from the previous resource estimate of 20,700t.

Shares in Panoramic gained 10 cents to $2.35 at 12:43 AEST.

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