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

When Toledo Copper Corporation listed on AIM back in April it was another of those companies with no assets, though it was further advanced than some of its peers in the Phil Edmonds stable. The trouble was that the deal it had negotiated to buy a 40 per cent interest in the Toledo copper mine on Cebu island in the Philippines was somewhat complicated and most journos, Minews included, steered clear. Now it is on the verge of publishing a bankable feasibility study on the project, so things are falling into place. Originally it had lent US$1.2 million to a Mr Ramos, president and chief executive of Atlas, which owns Toledo among other mining interests. The plan was that he would use the money to pay off various outstanding creditors of Atlas and thus secure proper title to the mine.