Panoramic Targets Acquisitions to Diversify Portfolio

19 July 2009 (Last Updated July 19th, 2009 18:30)

Australian nickel miner Panoramic Resources plans to acquire additional assets and increase production to become a diversified mining house, according to the company’s ten-year plan. Panoramic said it was reviewing a number of projects, including Barrick Gold's Osborne copper-gold mine i

Australian nickel miner Panoramic Resources plans to acquire additional assets and increase production to become a diversified mining house, according to the company’s ten-year plan.

Panoramic said it was reviewing a number of projects, including Barrick Gold's Osborne copper-gold mine in Queensland, which produced 33,000oz of gold and 75 million pounds of copper in 2008, according to a report in thewest.com.au.

The company said its ten-year strategy also included increasing its annual production rate to 20,000t of nickel and improving its safety performance.

Panoramic said it has a three-tier wish-list for acquisitions in Australia that is topped by nickel, copper and gold mines, followed by zinc, lead and bulk commodities in the second tier and energy acquisitions as a third priority.