LONDON (Thomson Financial) - Toledo Mining Corporation Plc. has signed a
memorandum of understanding with China's Jiangxi Rare Earth & Rare Metals
Tungsten Group Co. Ltd for the development of a nickel-cobalt leaching plant at
the Ipilan/Celestial nickel laterite deposit on Palawan in the Philippines.
The entire mixed nickel-cobalt hydroxide product would be sold to Jiangxi
Rare Earth under a long term off-take arrangement, and will reflect
international market prices linked to the LME nickel and cobalt price.
Jiangxi Rare Earth will immediately start the construction of a pilot
processing plant in China with a capacity of 3,000 to 5,000 tonnes of
nickel-cobalt mixed hydroxide product.
The plant is expected to be completed by the fourth quarter of 2009, and
will be solely supplied by laterite ore from the Ipilan/Celestial mine, Toledo
Mining said.
TFN.newsdesk@thomson.com
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