Interesting little company. Did a series of asset swops to leave them with half of the 4th largest Nickel deposit in the world.
The deposit itself is in the Philippines has been known about for 30 years but due to low prices and lack of demand in the Far East it was never exploited. With the explosion in demand from India and China the nickel price has climbed from $2 to $6.50 but oddly enough is still considered low.
The final approval stage for exploitation is just about to be approved and extraction will begin. The company already has one contract with a Japanese smelter and is in discussions with smelters in a series of countries.
Nothing clever about the operation, as the ore is of sufficiently high grade, they dig it up and ship it out. Infrastrucure is already in place for operation.
TMC is currently priced at 18m, the initial Japanese contract is worth 4m and each additional contract will hopefully be at this level or greater.
Final approval turns the company into a producer and each additional contract simply increases their size.
The management is tight with cash and has some good quality mining skills onboard.
The Philippine government is fast tracking the final approval and the company says it expects it shortly.
One to hold for approval and through the series of RNS's as more contracts are won. Company should be worth 50m in 6 months and 100m in 12-18 months.
Buy it, ignore it, just pointing this one out.

Interesting article....lots of discussion as to whether this recent change has now affected TMC, in terms that the TMC Berong project is not part of the 24 Priority development list, so therefore, what is going to be the effect ??



http://www.abs-cbnnews.com/storypage.aspx?StoryId=50200

Mining conference postponed on policy concerns


An international mining conference in the Philippines next month has been postponed, the local industry association said Tuesday, amid reported concerns over government policies on exploiting the country's vast mineral resources.

The Chamber of Mines of the Philippines announced on its website that the October 3 to 5 meeting had been postponed until next year, with the date "to be announced later."

The statement gave no reason for the postponement.

Mining executives here had planned to use the Manila meeting to make foreign investors more aware of the country's untapped resources sector, said to be worth in excess of one trillion dollars.

Meanwhile, Manila newspapers on Tuesday quoted a Chamber of Mines letter to President Arroyo which said the meeting was postponed in order to shield the administration from "operational and governance issues that will inevitably surface in an international conference and could reverberate to the global mining community."

In the August 29 letter, Chamber president Benjamin Philip Romualdez noted a policy shift on mining, referring to a government decision to offer only 24 permits on priority projects rather than open up the industry in full, as had been approved by the Supreme Court.

This "has led mining companies to believe and confirm their early suspicions that investment policies in the Philippines are not stable and are heightened by high political risks," Romualdez said.

"This has led to stymied investment inflows affecting the country's competitiveness as a mining destination, and a wait-and-see attitude once again from our foreign investors," he added.

The Supreme Court last year ended a seven-year legal dispute over the constitutionality of the country's Mining Act by ruling that foreign investors were freely allowed into the industry.

That move had been, and continues to be opposed by some very influential groups, including some in the church, who argue that foreign mining companies will despoil the country and strip it of its mineral resources without giving a fair return.

It was to head off such opposition that the government, after pressing for the Supreme Court ruling, decided to allow only 24 permits, effectively limiting the scope of foreign investment.

The Chamber of Mines also noted moves by some sections of Congress to repeal the mining act which increased permitted foreign ownership of local mining companies from 40 to 100 percent. AFP

http://www.chamberofminesphilippines.com/

ANNOUNCEMENT

The Board of Directors of the Chamber of Mines of the Philippines in its meeting on August 24, 2006 decided to postpone the holding of MINING PHILIPPINES 2006 scheduled on October 3-5, 2006 to 2007 to coincide with Asian Pacific Mining Conference co hosted by AFMA and COMP at a definite date to be announced later.

Does one not think, that the fourth largest open cast mine in the world, would be amongst the Phillipine governments top 24 priority projects, or am I just being biased. The last two days price drops, backed up by no market news, sugests to me that someone is getting very nervous and wants as many private investors out of the way as quickly as possible. If TMC want to produce 90,000 tonnes by the end of this year as per their last stock market release, Update on permits, dated 4th Sept.This update being released a whole 11 days after the cancelation of the meeting in the Phillipines tells me that if they are not on the list of 24 then they themselves are not yet aware of it. The time frame suggested for producing the 30,000 tonnes bulk sample was approx 1 month, therefore my thinking is that to produce 3 times this ammount would take approx 3 months. 3 months before the end of this year would be the end of this week. Does anyone out their agree with me or am I the only optimist amongst us.

Hmm . . this is a pity as I was eyeing TMC for another purchase.

Does anyone know if this issue also applies to offshore hydrocarbons? I have just purchased a load of FEP and am hoping this news won't undermine the case for investing in the stock.

Dear soul traders, sorry if I confused you, I didnt mean that TMC are not getting MPSA but mearly asked the question, does anyone know.

Not your fault, Oily, I've been confused for a long time now :o)

I ahd been under the impression that the MPSA had been granted, but upon reading the RNS from 4th Sep 06 it is clear thatthis is still in the works:

"Whilst further approvals such as the Mineral Production
Sharing Agreement (MPSA) are undergoing final processing, we can confidently
expect full commercial operations to commence before year end 2006."

But that was before the latest "developments".

Like I say, I hope that the Philippines Govt won't decide to do the same to the hydrocarbons companies, as well as that the issues surrounding TMC will soon be resolved.

Soul traders, If and when the MPSA is issued for Toledo I would expect it to jump two fold , maybe even four fold its current price. Remember over 65% of shares are now in the hands of institutions and they want a good return. Todays bounce of 6.5p is hard to understand given that more than double sales to purchases. This I believe, is further proof of market manipulisation of this share price. I will not be selling yet because I reckon that something is imminent on this epic. Hang on in there.

Well, it looks like the MPSA "shop" is open again and processing applications, so perhaps finally its just a matter or days or weeks away. Atlas(TMC) is under the "medium" ones mention, 10 off.

Given Dolly has been quiet for a while now, and with confirmation that MPSA processing is now happening again after a 9 month "pending" status, I'll be adding now into DSO and MPSA news.



http://business.inq7.net/money/topstories/view_article.php?article_id=24652

Mining permit processing resumes; environment plans crucial


By Christine A. Gaylican
Inquirer
Last updated 03:07am (Mla time) 10/04/2006 (Oct 4th)


THE Department of Environment and Natural Resources (DENR) has resumed processing of mineral exploration and production permits that have been pending for the past nine months, Inquirer sources in the department said.

Environment and Natural Resources Secretary Angelo Reyes has asked applicants to make individual project presentations at his office, the sources said.

This procedure will bring the applicants closer to getting permits, they said.

The companies that have made presentations are MRL Gold Philippines Inc., Egerton Gold Philippines Inc., Buena Suerte Mining Corp., and Manila Mining Corp.

A ranking DENR official said Reyes had also asked applicants to submit their environment programs and social preparations for the communities at the target mine sites, and documents pertaining to their technical and financial resources.

MRL Gold Philippines expects to get its exploration permit sometime soon, company president James Anthony Climie said.

Climie said MRL Gold Philippines had submitted a petition to the DENR to explore parts of a property in Malimono town in the southern area of Surigao for gold and copper.

The Malimono site measures 508.12 hectares.

Buena Suerte Mining Corp., an affiliate of Australias Oxiana Ltd., has signified interest in surveying 4,192 hectares of the towns of Liloan, San Francisco and San Ricardo in Southern Leyte province for possible copper and gold resources.

Ten medium-scale mining companies have applied for a Mineral Production Sharing Agreement (MPSA) to extract nickel, chromites, limestone and cobalt.

The MPSA is a contract that will allow the national government to share in the production of a mining company. Under it, the company will provide the financing, technology, management and personnel for the mining project.

Approval of MPSA applications is subject to qualifications and requirements set by the Philippine Mining Act of 1995. With INQ7.net

90K X trade and a bit of movement now.

I can see this one exploding once MPSA is given. Potential news before that is the first trial shipment, due anytime from Monday next week.

http://www.estainlesssteel.com/stainless-steel-news.shtml

Oct 2006 News

* According to the Manila Bulletin (10/5) the Atlas Consolidated Mining & Development Corp is scheduled to make their first 30,000 ton shipment of nickel grade ore to Japan from the Berong nickel mine on October 16th. If all goes well, the company estimates they will ship 620,000 dry tons in 2007 and 1 million tons in 2008. For those who play the market, keep an eye on Toledo Mining, who holds majority stock in this mine.

Decent performance, lets hope with a good chance of MPSA soon and the first trial shipment on Monday, we could be looking for a strong perfomance now from TMC, one that keeps on going :)

Taken from a post on AFN, the following link would appear to show they are gearing up for DSO, which would say they are "confident" of MPSA approval in the short term, as they cannot DSO without MPSA. Once MPSA is approved then TMC is derisked, and we should see the SP appreciate to a level which truly represents their prospects and potential.

Risk/Reward - but on balance IMO the risk is getting less and less.


"Berong Nickel Corporation

Poised to deliver an annual production of 1 million dry metric tonnes of ore within a 12-month period, Berong Nickel Corporation (BNC) is soon to become one of the Philippines' leading players in the nickel industry. Committed to the highest standards & world's best practices, we aim for the sustainable development of our host communities, safety of the people & protection of the environment.

Follow this link, select 'Berong Nickel Corporation' from the company list and hit submit...

http://jobmarket.inq7.net/jobsearch/jobsearch_advance.php

And to go with the earlier link I posted that the DENR office was from early October now again processing the MPSA applications that had been "pending" for 9 months, you will see that on page 2 of the attached PDF file, project number 7, that the Berong Nickel project of Atlas (which is the TMC Nickle mine) is under "Pending".

All pointers do say that the Berong MPSA is under review, we cannot know the outcome of approval or not, but at least there should be news either way fairly soon.

http://www.mgb.gov.ph/miningportal/projects/Exploration%20Projects/Exploration%20Projects_List.pdf

Interesting read and mentions the output of Berong coming on line as a key event of 2007.

http://www.abareconomics.com/interactive/ac_sept06/htm/nickel.htm

You can see the causeway opposite Birong on google earth but I still cant see any ships.

If rumour is correct we are due an ops update this coming week. Cannot see MPSA as yet, however for me any time from early Nov onwards is possible.

Award of MPSA should see a rerating of the SP, as a large element of risk will be gone.

An interesting few months ahead IMO.

From post on TMF by Kimboy :


""""Investika quarterly report on Berong;

http://www.asx.com.au/asx/research/CompanyInfoSearchResults.jsp?searchBy=asxCode&allinfo=on&asxCode=IVK

The trial shipment has been delayed a fortnight due to adverse weather from the typhoons that went nearby. However "This is then expected to be immediately followed by full commercial operations".

It will have to be as they are still sticking to their target of 80-90,000 dmt of ore in 2006. This is of course dependent on being granted permit.

"A project report on planned operations is currently being prepared for approval by the relevant Government agencies. This report is necessary to obtain the 'commercial' MPSA. A commercial MPSA differs from a standard MPSA in that a standard MPSA does not automatically allow commercial operations to commence".

A JORC reserve statement expected next quarter.

Still examining options for value added processing. Samples currently being prepared for shipment to labs.

Looks to me as though shipment will be going out around the 30th October. They then seem confident that they will get the remaining permits pretty much immediately.

Overall while there is a delay on the trial shipment there is further reassurance for the granting of the permit and the timing of commercial shipping. """"

Link to the announcement by IVK in Australia, expect a TMC announcement today (PDF File) :


http://www.asx.com.au/asxpdf/20061025/pdf/3z5gg9mknwrqg.pdf

25 October 2006
Company Announcements
The Australian Stock Exchange Ltd.
Dear Sir
Re: Berong Nickel Project (Investika Ltd 18.7% direct interest)
Berong Nickel Project Granted Priority Mining Development Status
Investika Ltd is pleased to advise that the Berong Nickel Project (BNC) has been granted priority development status, and is now included among the priority mining development projects monitored by the Mines and Geosciences Bureau (MGB) under the Mining Revitalization Program of the Philippines. Priority projects can expect full support and facilitation on permits and other government documents requiring approvals, as well as speedy action to resolve any impediments to project execution. Priority Project Status was granted to BNC by the MGB Director, Horacio C Ramos.
The Berong Nickel Project is a Joint Venture between Toledo Mining Corporation Plc, Atlas Consolidated Mining & Development Corporation, and Investika Ltd.
As previously reported, the development of the mine site and associated infrastructure is nearing completion as activities focus on the extraction of a bulk metallurgical sample of approximately 30,000 dry metric tons (equivalent to approximately 45,000 wet metric tons) at a grade of approximately 1.7% (includes 10% dilution). To date, approximately 4,000 wet metric tons of ore has been mined and placed on the coastal stockpiles. Shipment to customer(s) is expected around mid November 2006.
Commercial mining operations are expected to commence in November/December and are dependent upon attaining the necessary final approvals from the Philippine Government. An export target of 80,000 to 90,000 dmt of ore has been set for 2006, 620,000 dmt for 2007, and 1M dmt in 2008 and beyond. The grade of laterite ore to be mined in the first year of operations is estimated to average approximately 1.9% nickel. Some shipment grades above 2% nickel can be expected in the early years.
Mr. George Bujtor, CEO of BNC, commented, The full support of The Department of Environment and Natural Resources (DENR) has enabled the rapid development of the Berong Nickel Project, and the granting of priority project status will help us to maintain our momentum as we build production to 1 million dmt per year.
George Bujtor is a member of the Australasian Institute of Mining and Metallurgy and is the qualified person that has reviewed and approved the technical information contained in this announcement.
Yours faithfully
INVESTIKA LTD
J B MAGUIRE
COMPANY SECRETARY

Excellent news today which virtually 'guarantees' that full approval will be issued by the Philippine government soon. At which point the SP will undergo a major re-rating!!!

Morning all.

This looks very exciting for TMC - wish I'd thought to get back in when the SP was under 1!

Tell me, PP, are there any estimates out there for what the anticipated production might be worth to TMC (not forgetting that they have approx a half share)?

Alternatively, have estimates been made of the value minerals in place?

Nickel in place has a value of 80 billion pounds........however its not all recoverable. From there you can see why the award of an MPSA is big news for TMC as they go forward. On a long term basis the present price is peanuts compared to what it could be.