Toledo - Cashflow from the world's 3rd largest Nickel Resource

These are the contracts that have been discussed:

* Nippon's 350,000 tpy of 2.3% saprolite confirmed.
* An additional 300,000 tpy of 2.3% saprolite for Nippon in the pipeline.
* Mention by TMC themselves of a 500,000-600,000 tpy contract of 1.8% limonite under discussion with an Aussie smelter.
* An unspecified tonnage for a contract under discussion with a Chinese smelter mentioned by TMC's partners Atlas.
* Mention of a Greek(!) contract by a speculator on advfn.

Lets discount the last two, which are more iffy. So, even just working on the basis of the first three contracts, this would mean TMC having a production rate of 25,000 tpy of contained Ni.

This is equivalent to a Murrin Murrin-sized operation, and is bigger than most of the other Australian mines. Its also equivalent in output to Falconbridge's Falcondo, Raglan and Sudbury mines.

So this is a serious sized operation here, that puts Berong alongside some genuine world-class mines!

The real beauty is that we're only months away from this world-class sized mine starting production. No pre-feas study to wait for, no bfs, no massive funding package to put together, no development phase, no plant and concentrators to build - just drive up and dig it out!

(Of course a bfs will come, but that is for the next stage of development and we'll be a major producer by then, and we'll be able to pay for it with money in the bank.)

So, don't be spooked by the shorters. Downside = 30p max, upside = £10 minimum.