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.

although i took a thumping loss because i got greedy and never cashed in the even larger profit several months ago, at least i bit the bullet when sp was about 1 higher

Also deliberated two weeks ago and sold out @ 265, should have used a stop on SCHE, but been without internet recently and TDW wont let you leave a stop on for longer than a day unless the trade has settled....

i'm cheesed about SCHE too ..... will see if i can find out anything interesting through other sources

Looks possibly like stocks of Nickel on the decline which should lend support to Nickel prices and perhaps make them firmer, probably a good price to pick up TMC around 165p although i'm not in the mood for adding anything at the moment...

The pressure is mounting, and Goria needs to shore up support, and this likely means her pro-mining stance will become less evident. I assume some people are already thinking the "fast track" was turning "slow track" and now perhaps "no track".

She cannot afford to be in conflict with the church now, or appear to be pro-mining at the expense of the local communities.


http://www.bangkokpost.com/News/20Feb2008_news13.php

Wednesday February 20, 2008 EDITORIAL

Arroyo must tread carefully

The government of Philippine President Gloria Arroyo is under fire from many segments of the society after being rocked by fresh charges of corruption and human rights abuse.

At this time it doesn't appear that public disapproval will swell to the levels that washed away her predecessor Joseph Estrada, who relinquished power following months of protest over his plundering of the economy for his own benefit. But President Arroyo must move quickly to clear the air if she hopes to maintain credibility and effectiveness until the end of her term in 2010. The new corruption charges don't directly implicate President Arroyo, but they come uncomfortably close, and not for the first time. The president's husband, Jose Miguel Arroyo, along with former elections chairman Benjamin Abalos Sr, are accused of demanding a $130 million kickback in negotiations for a $330 million government broadband contract with the Chinese telecommunications firm ZTE Corp. The contract was cancelled in September last year after growing criticism that it was hugely overpriced.

The allegations were revealed to the public in startling fashion on nationwide television during a Senate investigation into the deal by government consultant Rodolfo Lozada.

Mr Lozada has also alleged that the president's own security forces tried to keep him from testifying by kidnapping him and holding him for 24 hours.

Last Friday about 10,000 protesters joined an opposition rally in Manila demanding President Arroyo's resignation, and on Sunday a Mass led by Roman Catholic groups was performed in a show of support for Mr Lozada. After the Mass, which was attended by around 3,000 people, a group of former officials which included ex-president Corazon Aquino and former Philippine ambassador to the United States Albert del Rosario, called on President Arroyo to resign and called on current officials who ''can no longer endure this wrongful governance'' to quit the administration. The former president urged Filipinos to ''unite once again and to rally behind people who reveal the truth and fight corruption''.Members of the clergy have made clear that they were not joining in the calls for President Arroyo's resignation, but have said they were trying to protect Mr Lozada from ''harassment''. Segments of the Catholic clergy were, of course, heavily involved in the protests which led to the ouster of former presidents Estrada and Ferdinand Marcos.

Adding to President Arroyo's troubles is a report released this week by the Commission on Human Rights, which found that soldiers looking for members of the militant separatist group Abu Sayyaf in Sulu province, had killed seven innocent villagers, including two children and a pregnant woman. Human rights activists say there have been over 800 extra-judicial killings in the Philippines since President Arroyo took over in 2001.

The demonstrations have, till now, been relatively small but the mood of the general public can perhaps be gauged by the amount of scepticism which greeted the reports last week of an uncovered plot to assassinate the president.

In many respects the situation in the Philippines today is reminiscent of the situation in Thailand a little less than two years ago, when former prime minister Thaksin Shinawatra was dogged by allegations of corruption in his cabinet over the procurement of CTX baggage scanners for the new airport, and the tax-free sale of his telecommunications empire to Singaporean interests, as well as human rights abuses centring on the ''war on drugs''.

Mr Thaksin chose to dissolve Parliament to avoid scrutiny. President Arroyo does not have that luxury. Besides, if Mr Thaksin's experience is any example, and if the well-being of her country is taken into consideration, the best approach for President Arroyo would be to cooperate with the Senate inquiries, admit wrong where warranted and then put the matter behind her and move on.

http://www.bangkokpost.co.th/topstories/topstories.php?id=126117

Monday 25th Feb 2008

Arroyo fears uprising

Manila - "We all know I am not perfect," said the Philippines president on Sunday, but another people's power rebellion will make the country the butt of world disrespect.

Embattled by calls for her resignation over corruption allegations, President Gloria Macapagal Arroyo warned Filipinos against supporting a mass uprising to oust her before her term ends in 2010.

The Philippines has removed two presidents in past "people power" revolts: late dictator Ferdinand Marcos in February 1986, and former president Joseph Estrada in January 2001.

On the eve of anti-government protests planned to mark the 22nd anniversary of the 1986 revolt, Arroyo warned Filipinos that the world "will not forgive" a similar uprising this year.

"The world would instead condemn the Philippines as a country whose political system is hopelessly unstable," she said. "Under these circumstances, who would invest in the Philippines?"

The military and police have increased security ahead of Monday's demonstrations. Authorities also warned soldiers and policemen against joining the anti-government protests.

"Members of the military that join the protests will be arrested," armed forces chief of staff General Hermogenes Esperon said, echoing an earlier warning to policemen. "That is against the military law and beyond the duty of a soldier."

Critics have called for a third people power revolt to remove Arroyo, who has rejected calls for her resignation and vowed to finish her term until 2010.

The resignation calls intensified after witnesses alleged that Arroyo's husband and a key ally were involved in the overpricing of a $329 million government contract with a Chinese company.

The scandal worsened when one of the witnesses accused government security forces of kidnapping him to prevent him from exposing what he knew.

Amid the attacks, Arroyo defended her record and vowed to address the scandal.

"We all know I am not perfect," she said. "But I have worked hard everyday to achieve positive and lasting change for the nation.

"I am assuring the people that if there will be individuals proven to be guilty, they will be punished. I am resolved to fight anomalies. People are angry at corruption. I am too."

The controversial deal has been scrapped, but the opposition-dominated Senate is still investigating the allegations, including revelations that illegal kickbacks from the contract reached at least $130 million. (dpa)

http://newsinfo.inquirer.net/inquirerheadlines/regions/view/20080303-122411/DENR-stops-LGUs-from-issuing-small-mining-permits

DENR stops LGUs from issuing small mining permits

Philippine Daily Inquirer
First Posted 04:47:00 03/03/2008

PUERTO PRINCESA -- Environment Secretary Lito Atienza has signed an order that effectively stops local governments from issuing small-scale mining permits for nickel and metal ore mining ventures.

The order, which has yet to be published before it takes into effect, has been endorsed by the Philippine Chamber of Mines, according to Roland de Jesus, Mines and Geosciences Bureau director.

The secretary knows he is on the right track on this DAO (Department Administrative Order) and he is being supported by the Chamber of Mines, De Jesus told the Philippine Daily Inquirer (parent company of INQUIRER.net).

This developed as the DENR canceled the large-scale mining applications of three local companies controlled by a Canadian mining company.

On Feb. 7, an MGB panel of arbitrators upheld a ruling it made on Dec. 14, 2007 denying the application for a large-scale mining permit of the local companies that are subsidiaries of the Canadian group MBMI Resources based in Vancouver, British Columbia.
The MGB ruled that MBMI, which is a foreign company not registered in the Philippines, is disqualified from applying for a large-scale permit under Republic Act 7942 or the Philippine Mining Code.

It is clear that the Canadian stockholders are the ones in control of the (local) corporations, solely on the strength of their far more substantial financial investment in relation to that of the Filipino stockholders, it said.

The Palawan government had earlier granted small-scale mining permits to Patricia Louise Mining and Development Corp., Narra Nickel Mining Corp. and McArthur Mining Corp.

The companies have been trying to convert their existing small-scale operations into a Financial or Technical Assistance Agreement (FTAA) application.

The MGB, however, described MBMIs participation in the FTAA application as a case of misrepresentation.

The participation of MBMI only proves that it is the Canadian company (MBMI) that will provide the finances and the resources to operate the mining areas for the benefit and interest of the same and not the Filipino stockholders who only have a less substantial financial stake in the corporation, it added.

The MGB panel also blasted at the MBMI consortiums imputation against it of gross incompetence and that the resolution was issued for consideration.

An official of one of the mining companies contacted by the Inquirer dismissed the MGB ruling as part of a ploy of a rival company to take over their mining claims.

Lawyer Hermes Dichosa of Toledo Mining and Development Corp. claimed that a rival company, Redmont Consolidated Mines Corp., was behind the moves to cancel their claims over the nickel-rich properties in southern Palawan.
They are claim jumpers and they are dreaming, Dichosa told the Inquirer.

MBMI, a publicly listed company in the TSX Exchange in Canada, claimed in its disclosure statements that it controls over 22,000 hectares of nickel lands in Palawan and Samar.

David Turmines, president of Redmont, has complained to the National Commission for Indigenous Peoples that MBMI had continued with its consultation activities, as part of its MPSA application process, with the indigenous communities despite the DENR ruling. Redempto Anda, Inquirer Southern Luzon

Not encouraging to learn AXA indirect shareholding reduced from 14% to 9%.

http://newsinfo.inquirer.net/breakingnews/regions/view_article.php?article_id=127560


Palawan town to stop issuing permits for open-pit mines

By Redempto Anda Southern Luzon Bureau
First Posted 11:59pm (Mla time) 04/01/2008

PUERTO PRINCESA CITY, Philippines -- At least 37 pending mining applications, mostly on nickel, were stopped on their tracks Monday after the local government unit of Quezon, the municipality known as the hot spot of mining projects in southern Palawan, declared it had enough with open-pit nickel mining.

"We will no longer entertain any new applications and we will not endorse any of the pending ones," Quezon town Mayor Ronilo B. Caputilla told the Philippine Daily Inquirer, parent company of INQUIRER.net.

Quezon hosts the south's second largest mining project, the Berong Nickel Corp. (BNC) project.

Records obtained from government agencies show that the municipality has the highest number of mining applications in the nickel-rich southern Palawan.

Asked what prompted the local government to take the same stand earlier made by the city government of Puerto Princesa, Caputilla said they were worried about the potential damage to the environment.

"With Berong (Nickel Corp.) alone, we have received too many complaints from local residents about the siltation of the river and the shorelines. We dread to see what happens if we allow more of these kinds of project," he said.

Caputilla added that the municipality was prioritizing its program to boost local coconut production.

"Our main program is about encouraging the planting of more coconuts as this will benefit more farmers and their families. With mining, only a few people benefit," he said.

Asked to comment on BNC's claim of following the world's best practice in environmental management in connection with a mining project, Caputilla claimed that the company only showed them portions of the mining project.

"They showcase areas that look okay but they don't bring their visitors to areas that are really problematic," he said.

Apart from BNC, which has a mineral production sharing agreement (MPSA) approved by the previous municipal leadership, two other MPSA applications for limestone quarry were earlier approved in 2001 by the Department of Environment and Natural Resources for the Quezon-Central Palawan Mining and Industrial Corp. and Palawan Star Venture Mining Inc.

http://newsinfo.inquirer.net/breakingnews/regions/view_article.php?article_id=128180

Mining company hits town execs over siltation claims
By Redempto Anda

Southern Luzon Bureau

First Posted 07:25pm (Mla time) 04/03/2008

PUERTO PRINCESA CITY, Philippines -- The Berong Nickel Corp. (BNC), a mining company operating a large-scale nickel ore extraction project in the southern municipality of Quezon in Palawan, had criticized its host local government unit for claiming the company was covering up the environmental damages created by the mining project.

BNC environmental safety consultant Keith Halford denied Quezon Mayor Ronilo B. Caputillas said in a Philippine Daily Inquirer interview that the company, which boasts of having a world-class mining operation facility, had been hiding its failures from the public.

It simply is not true. There is no river siltation as claimed by the mayor, and we have never received a complaint of that nature, Halford told the Inquirer Wednesday.

A staff member of BNC, however, contradicted Halfords claim during a separate interview, admitting that the soil erosion systems that they had installed around the steep and sloping areas of the nickel mining concession had not been sufficient to hold water runoff that had silted the Berong river and the causeway during heavy rains.

It is true that despite great efforts by BNC to establish safety measures, there is still siltation of the river when it rains, said a technical staff member who requested not to be named.

I was there during typhoon Lando and I saw that the river and sea was blanketed in red, the source said.

Halford, however, insisted that the presence of soil erosion around their mining areas was caused by the natural physiology of the area and not by the excavation work being conducted by the mining company.

Its physiologically impossible that it came from us. Our mine site is a good 11 kilometers away and we dont release water into the river, he claimed.

Local officials have raised concern that the mining operations of BNC, which is located in a high elevation area, could further damage the towns river system and coastal marine environment, a charge that BNC officials have sought to refute.

Caputilla announced earlier this week that the municipality of Quezon, which has the highest number of pending mining applications in Palawan with 37 mining tenement claims, will no longer endorse any new mining project because of its experience with BNC.

Asked if the independent monitoring body led by the Department of Environment and Natural Resources (DENR) had been able to verify Caputillas claim, the source said the Multisectoral Monitoring Team had not been able to reach the actual mining sites to make an adequate observation.

Halford pointed out that BNCs redundant water management systems located beside its stockpile was able to hold impounded water from two major typhoons, and that they did not release them into the connecting irrigation system unless it had been cleaned.

He added that they had prevented soil erosion from the mined-out site with the successful planting of new trees and vetiver grass.

He claimed that BNC, which began shipping nickel ore to buyers early this year, had spent over $1 million in environmental safety measures alone.

I challenge you to find anyone who has the same commitment to the environment as we do. And I hope you can find one so that it makes two of us, Halford said.

Chinese have started to invest in mining stocks. BHP is the first one.. Which one is the next?

The broker, Altium Securities, has cut Toledo Mining's target price to 70 pence from 95p.

Not surprising Chris seems more interested in IVK nowadays.

Sudden move upwarda, anybody have any news?

that's after analysts views

hlyeo98 - 18 Apr 2008 17:17 - 860 of 862
The broker, Altium Securities, has cut Toledo Mining's target price to 70 pence from 95p.

Unless there is an announcement due seems like a false market. IVK ditto.

Thanks for reminding me. Seems like Altium got it wrong

Is there any news for this massive rise? Certainly very interesting.

Possible takeover bid. BHP or Rio Tinto. I stress only rumours ut it has gone from 1 to 1.60 in 3 days.

Recent RNS shows institutional investors are disposing with their holdings.