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.

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.

Thanks PP - will try and have a go at this again if I can get some capital freed up.

Interestingly I see that Snowden's are due to produce the JORC next quarter - could make good reading!!

Post from AFN :


Mister X - 30 Oct'06 - 12:58 - 10930 of 10930


Nice announcement from Atlas early this morning:

Atlas Says Nickel Exports May Rise to 1 Million Tons (Update1)
2006-10-29 22:01 (New York)


(Adds share price in fifth paragraph.)

By Luzi Ann Javier
Oct. 30 (Bloomberg) -- Atlas Consolidated Mining &
Development Corp., a Philippine miner, will export as much as
90,000 dry metric tons of nickel this year, and could raise
overseas sales to 1 million tons by 2008.
The ore, extracted from the Berong nickel project on the
island of Palawan, south of Manila, is estimated to contain 1.9
percent nickel, according to company statement issued Oct. 27.
Exports would be between 80,000 and 90,000 tons this year, and
620,000 tons next year, it said. Berong is a joint venture
between Manila-based Atlas, London-based Toledo Mining Corp.,
and Sydney-based Investika Ltd.
Metals companies are scouring the globe to secure supplies
of raw materials to feed rising demand, particularly from China,
the world's fastest growing major economy. The drive comes as
the Philippine government aims to attract $6.5 billion in
investments to help develop the nation's mining industry.
The Lisbon-based International Nickel Study Group forecast
a 10 percent jump in demand for the commodity this year to 1.37
million tons. Three-month nickel futures, which have more than
doubled this year, settled at $31,000 a metric ton on the London
Metal Exchange on Oct. 27.
Shares in Atlas, which earlier rose as much as 1.3 percent
to 8.1 pesos, were unchanged at 8 pesos at 10:54 a.m. in Manila.
The stock has gained 40 percent this year compared with the 29
percent climb in the Philippine Stock Exchange Index.
Atlas, which was the world's third-largest copper producer
from 1979 to 1984, said in September it was targeting exports of
as much as 90,000 dry tons of ore this year, although ``actual
sales will be dependent on weather conditions.''
The company said in February that it was in talks to sell
nickel and cobalt to potential customers in Japan, China,
Australia and Europe.

--Editor: Lloyd-Smith

Story illustration: See {LME } for three-month London Metal
Exchange prices, and {LMEI } for LME warehouse inventories.
For top commodity news, see {CTOP }.

Moving up today