Toledo Mining Corporation is an investment holding company with strategic interests in privately owned nickel companies in the Philippines. Between them these companies manage four large nickel laterite deposits on the island of Palawan containing a total potential resource of approximately 3.8 million tonnes of nickel metal.
The Company’s objective is to support these companies in building a sizeable nickel business through the provision of financial and technical input including the implementation of downstream value-added processing.
Toledo Mining Corporation is listed on the AIM market of the London Stock Exchange under the symbol TMC.
Toledo Mining ships 155,844 wmt from Berong
Toledo said it produced the run-of-mine (ROM) ore at an average grade of 1.84% Nickel in the three months to December 31.
Stockpiles, meanwhile, at the end of the year were around 230,416 wmt at an average grade of 1.46% Nickel.
The company said the 15 shipments made during the calendar year have amounted to sales in excess of 777,000 wmt of ore, yielding over 8.750 tonnes of contained Nickel metal and generating gross revenues to the Bernong Nickel Corporation (BNC) of around US$29mln.
Broker RFC Ambrian called it a “good shipping results for the company” as it was able to advance its shipping window beyond expectations.
“As a consequence of this improved shipping performance, we remain confident that BNC will ship 750,000wmt of contained Nickel in 2013,” said the broker, which has a ‘buy’ rating and 42p target price.
“We hope the tree cutting permit will be received in time to ship improved grades of DSO [direct shipping ore] in 2013.”