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New terms for Berong nickel project
Jesse Riseborough
Wednesday, March 09, 2005
PARTNERS Toledo Mining, Atlas Mining and Investika have agreed to new terms with Japanese company Nippon Metal and Alloy to increase the supply of direct shipping saprolite ore from its Berong nickel project in the Philippines by 50,000 tonnes per annum.
Ore shipments from Berong will total 350,000tpa with the first shipment of ore expected in December of this year. Initial production was expected from the site in November of 2004 but the company said it had experienced a number of set backs in the lead up including delays in obtaining the necessary licences and permits from Filipino authorities.
Sydney-based nickel explorer Investika owns an 18.7% stake in the project with major partner, AIM-listed Toledo Mining holding 56% and Atlas Mining the 25.3% balance.
The contract with Nippon is for five years with the base price of ore equivalent to 23% of the quoted nickel price on the London Metals Exchange market as the ore is sold free on board (FOB) Berong Port in Palawan on a dry basis.
Investika said discussions are continuing with another Japanese smelter for the sale of 300,000t of direct shipping ore with the company requesting a 6000t bulk sample prior to finalising the contract.
Last month the company announced it would be expanding its mineral exploration interests to include uranium by a joint venture with Canadian company Waseco Resources. A newly formed company, Uranium Mines of Canada, will carry out the joint venture after acquiring 150 mining claims in Quebec-Labrador, Canada, which the company described as highly prospective for uranium.
The new company has raised GBP732,000 and is set to list on London`s AIM within the next few months. Investika is the company`s major shareholder holding a 21% stake.
Gruss A.B.