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

Hainan Yulai Steel Co Ltd could not organise a vessel??



Toledo Mining Corpor Toledo Mining H1 loss widens, ore shipment delayed

LONDON (AFX) - Toledo Mining Corporation Plc has reported a wider half-year
pretax loss of 237,366 stg, from 169,027 stg, adding that a trial bulk
metallurgical shipment from its Philippines project has been delayed until early
January.
Philippines-based Berong Nickel Corporation (BNC), which Toledo owns 56.1
pct of, could not ship the 30,000 dry metric tons to Hainan Yulai Steel Co Ltd
in China, the latter having trouble organising a vessel.
However, a sales contract had been exchanged, and the shipment - now of
40-45,000 wet metric tons from the Berong project, was expected to sail to a
steel plant in Shandong, China.
A second shipment is expected to sail towards the end of Jan, 2007. BNC
plans to commercially mine and export about 1 mln wet metric tones of ore in the
first year of operations with an average grade of more than 1.85 pct nickel.
Toledo's wider losses came largely due to the absence 166,000 stg of gains
on asset investments booked last year while administrative costs of 501,847 stg,
down from 514,135 stg, continued to weigh.
Toledo said work is progressing satisfactorily at its Ipilian/Celestial
nickel project, while work at the Ulugan nickel project should start in 2007.
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