Company officials said a A$40 million (US$29 million) loan facility is being executed with Macquarie; it was the remaining condition needed to be satisfied for the project to move forward. With the restart on the horizon, phase two of pre-production has commenced.
Savannah is expected to have a 15-month ramp-up period once commissioned, and at prime levels its life-of-mine average production should total 10,800t of nickel, 6,100t of copper and 800t of cobalt metal in concentrate annually.
The news comes after the miner confirmed earlier this month that it had inked a sales agreement Sino Nickel for the concentrates.
Savannah is projected to have a mine life of just over eight years, according to an updated feasibility study Panoramic released late last year.