Eight nickel shipments completed from Berong output in H1

04 September 2012 | 14:12 Code : 21306 Geoscience events
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In a statement on its Web site, the miner said it delivered eight shipments of nickel laterit....

In a statement on its Web site, the miner said it delivered eight shipments of nickel laterite ore to China from January to June using output from its Berong project in Palawan.This is four times as many shipments as those made in the same period last year.The report stated the shipments totaled 409,604 wet metric tons (WMT) at an average grade of 1.67% nickel.Two more shipments of ore bound for China are already in the pipeline.“These first 10 shipments in 2012 are forecast to generate revenues… of approximately $20 million on sales of 522,346 WMT of ore, and to yield approximately 5,800 tons of contained nickel,” said the miner.The firm added that as of end-June, its coastal stockpiles of all ore grades amounted to 230,363 WMT with an average grade of 1.48% nickel.Production at the Berong mine, meanwhile, totaled 413,263 WMT of ore in the first semester.Toledo is targeting an output of 750,000 WMT of nickel ore this year.The firm holds a 56.1% stake in the Berong project, which is a joint venture with locally listed miner Atlas Consolidated Mining and Development Corp.The 288-hectare site is covered by a mineral production and sharing agreement and is comprised of four main deposits.According to Toledo, the net revenue generated from its sales of nickel ore are set to fund an exploration program for the area around the Berong mine.The firm is also looking to extend its port area to achieve better ship loading efficiency. The extension, it said, will cost approximately $314,000.Aside from the Berong mine, Toledo also holds a 52% interest in the Ipilan laterite project and the Ulungan nickel project, both similarly located on Palawan Island.

tags: ARDABIL


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