Statement regarding Berong Nickel Operations Update
(Thomson Reuters ONE) - 20 August 2009 Operational Update - Berong NickelToledo Mining Corporation plc ("Toledo" or the "Company") (AIM:TMC)advises that a third shipment of ore was shipped to BHP Billiton's("BHP") Yabulu refinery from the Berong mine on Palawan island,Philippines, on 11 August 2009. The shipment contained 48,108 tonnesof ore at 1.5% nickel (approximately 481 tonnes contained nickel on adry basis) and 30% iron.Due to severe bad weather caused by tropical storms, the transhipmentof ore from barge to the ship moored offshore was severely delayed.BHP has lodged a claim for demurrage, the amount of which is beingcontested by Berong Nickel Corporation ("Berong") which declaredforce majeure during the ship loading. Even taking account of BHP'sclaim, the shipment is cash positive to Berong.Berong has now completed the shipment of stockpile material whichmeets the BHP specification. Approximately 150,000 wet metric tonnesof ore remain on the stockpile at Berong for which Toledo continuesto seek customers.The contract between Berong and BHP calls for a minimum shipment of300,000 wet metric tonnes per annum to the Yabulu refinery ofQueensland Nickel. So far this year, only approximately half of thiscontracted amount has been takenIt was reported in July that BHP has reached agreement in principleto sell the Yabulu refinery to Professor Clive Palmer. Theconsequences of this development for the timing of future shipmentsfrom Berong to Yabulu are under discussion.Ends.Reg Eccles, Chairman, Toledo Mining Corporation +44 (0) 20 7514 1480plcRichard Greenfield, Ambrian Partners Limited +44 (0) 20 7634 4700Alex Buck, BuckBias Limited +44 (0) 7932 740 452---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 20.08.2009 - 08:18 Uhr
Sprache: Deutsch
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