Toledo Mining confirmed that a last shipment this year of 55,000 wmt of 1.8% nickel grade material from the Berong mine is loaded and ready to depart for China.

Including this latest load, total high grade shipments from Berong since the mine recommenced operations in May now total 195,000 wmt and the total shipped tonnage of both newly mined and stockpiled ore exceeds 315,000 wmt.

The shipments should generate revenue of USD 13.8 million the company said alongside its interim results yesterday. No more shipments are expected until March, but Toledo has a current stockpile of 247,000 wmt of approximately 1.8% high grade ore already mined in preparation for 2012 shipping window which equates to potential revenue in excess of USD 10 million.

The Philippines-based mine, where Toledo has a 56.1% economic interest, ramped up to full production capacity in June and to date total 442,000 wet metric tonnes of ore grading at 1.83% nickel have been produced.

Mr Reg Eccles Toledo chairman said "Whilst, given current concerns for global economic growth, it is sensible to be cautious about the prospects for the nickel market in the coming year, the demand from China for laterite nickel ore is expected to remain strong and support, if not recent historically high spot prices, then prices which generate healthy margins for Berong ore."

(Sourced from www.proactiveinvestors.co.uk)