Toledo rises on Berong update

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LONDON (ShareCast) - Toldeo Mining rose after a positive production update from its joint venture, the Berong Nickel Corporation.

Production of ore from the Berong mine during the three months to the end of December totalled 155,844 wet metric tonnes at an average grade of 1.84% nickel.

WMT incudes the weight of the ore together with moisture content.

Stockpiles at the year end totalled 230,416 WMT at an average grade of 1.46% nickel.

The 15 shipments made during 2012 amounted to sales in excess of 777,000 wmt ore yielding over 8,750 tonnes of contained nickel metal.

This generated gross revenues to Berong of around $29m, the firm said.

Toldeo's shares rose 2.6% after the announcement.

Toledo Mining (LSE: TMC.L - news) has 56.2% of Berong Nickel, with the remained owned by Atlas Consolidated Mining and Development (25.2%) and DMCI Mining (18.6%).

MM