Toledo Copper Share Discussion Threads

[gardenboy] 26/8/2004 09:05

added a few at 1.99 - shown as a sell

[made1686] 26/8/2004 08:26

i think thay will bring the mine,,ing report out on the 27 tomorow as this is the only time left for the four weeks a mouth since thay said thay would still we will see

[squareroo] 26/8/2004 07:30

saloch.I've been sweating a bit too recently but it looks like berong alone underpins the share price and any equity will be placed with interested parties.

[Abuse team] 25/8/2004 23:44

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[saloch] 25/8/2004 23:35

driveradi and square thanks for that i have 5k in this and have been sweatng a bit

[Abuse team] 25/8/2004 23:22

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[squareroo] 25/8/2004 22:22

well done driveradi.Its basically rehashed old news but i like this bit:

"...On the assumption that the study is positive Toledo will secure ownership of 40 per cent of the mine, but may have to pay a further US$15 million towards project finance. This is doubtful, however, as the Japanese and Chinese copper companies vying for offtake agreements are likely to want to take equity interests and may well come up with the further US$10 million in subordinated debt that might be due from Toledo. Annual production of 110 million lbs copper, 56,000 ozs gold and 100,000 ozs silver is envisaged for the renewed operation...."

and i never knew this!
"...This makes it one of the biggest nickel deposits in the world and the 4th largest in terms of contained nickel...."


This is now a company that can be taken seriously!well lets hope people start putting some serious dosh into it then!

maybe one day we will look down from a 20p promontary at these prices.

[made1686] 25/8/2004 22:19

well have got cey

[unionhall] 25/8/2004 22:13

So is your English... (or is it Egyptian ?)

[made1686] 25/8/2004 22:11

thats more like it

[driveradi] 25/8/2004 21:27

This is from www.minesite.com

Date : August 26, 2004


Toledo Copper Gets Into Nickel In A Big Way So Changes Its Name … But Not Much.

When Toledo Copper Corporation listed on AIM back in April it was another of those companies with no assets, though it was further advanced than some of its peers in the Phil Edmonds stable. The trouble was that the deal it had negotiated to buy a 40 per cent interest in the Toledo copper mine on Cebu island in the Philippines was somewhat complicated and most journos, Minews included, steered clear. Now it is on the verge of publishing a bankable feasibility study on the project, so things are falling into place. Originally it had lent US$1.2 million to a Mr Ramos, president and chief executive of Atlas, which owns Toledo among other mining interests. The plan was that he would use the money to pay off various outstanding creditors of Atlas and thus secure proper title to the mine.

In its heyday before a typhoon in 1993 caused operations to be put on care and maintenance, Toledo was one of the world’s foremost copper mines and Atlas was capitalised at around US$1 billion on the New York Stock Exchange according to Chris Kyriakou, the executive chairman of Toledo Copper. Mining started back in 1955 and total production from the mine amounted to 5.65 million lbs copper, 1.96 million ounces of gold and 7.2 million ounces of silver. Peak production was reached between 1979 and 1984 when the operation was mining at a rate of 103,000 tonnes/day and current resources are around 874 million tonnes grading 0.41% copper so there is plenty of life left in it.

Once it raised funds at the time of the placing Toledo Copper Corporation lent US$3 million to Atlas to fund the bankable feasibility programme at Toledo and part of this was used to repay the original loan to Mr Ramos. On the assumption that the study is positive Toledo will secure ownership of 40 per cent of the mine, but may have to pay a further US$15 million towards project finance. This is doubtful, however, as the Japanese and Chinese copper companies vying for offtake agreements are likely to want to take equity interests and may well come up with the further US$10 million in subordinated debt that might be due from Toledo. Annual production of 110 million lbs copper, 56,000 ozs gold and 100,000 ozs silver is envisaged for the renewed operation.

While the study has been in progress Chris Kyriakou has negotiated the purchase of two other large nickel laterite projects on another Philippine island, Palawan. As a result the name of the company is being changed to Toledo Mining. The first of these, Berong, will generate early cash flow as it involves shipping ore direct to ferro-nickel smelters in Japan and the first shipment is due to leave in March 2005. A feasibility study is in progress to test the economics of an on-site large scale operation utilising acid leaching and smelting which may be developed at a later date. Toledo Mining is acquiring a 44 per cent interest in the property which consists of four deposits with resources calculated at 275 million tonnnes at 1.3% nickel and 0.074% cobalt at a cut-off grade of 0.90% Ni. This makes it one of the biggest nickel deposits in the world and the 4th largest in terms of contained nickel.

A pre-feasibility study was carried out in 1996 which was based on a cut-off grade of 1.8% nickel which meant a resource of 7 million tonnes at 2.1% nickel which is a grade acceptable to Japanese ferro-nickel producers. This is being updated and it is thought the funding requirement will be around US$6 million. The operating break-even cost of this direct shipping operation is estimated to be US$1.30/lb of payable nickel, or US$0.35 cents/lb of contained nickel which, at 300,000 tonnes/year will be around 15 million lbs/year. Payment is expected to be 25 per cent of the LME price , FOB basis, on the contained nickel to generate around US$20 million a year.

Through this second deal Toledo Mining has the potential to be not only a significant player in copper production on a world scale, but in nickel also. The Celestial nickel property, where Toledo is acquiring a 52 per cent interest, is on the same island and a resource of 77 million tonnes at 1.25% nickel and 0.10% cobalt has been estimated within an area amounting to less than one third of the total property. Some of the ore may be used for direct shipping, but the rest is likely to be treated by an advanced form of vat leaching or some other alternative technology. Toledo will be supplying management service to both projects and has an option to increase its holding in Celestial up to 71.2 per cent . This is now a company that can be taken seriously.

[squareroo] 25/8/2004 18:26

not saying people are panicing shiny but less experienced punters may be under the impression that 1.5 billion new shares were about to hit the market.mind you i imagine that any one who is in these are in these for the long run.

[shiny000] 25/8/2004 18:13

Are some people panicking squareroo? If so they certainly are in at the wrong end of the market!! But hey, since when have I ever been any kind of financial advice wizard.

[squareroo] 25/8/2004 17:46

they are authorised to allot 1.5 billion.This is not saying that they will, although I can see them issuing up to 700 000.If you look at the articles of assoc of any company they will have the auth to issue many shares eg.DTC has 700 mill shares in issue and the auth to issue 2bill..DO NOT PANIC!!.(not yet anyway)

[shiny000] 25/8/2004 17:12

Some might recall the price has dropped. It rose on the back of news the report would be completed soon, then dropped back around the time of the joint ventures news when the dilution was announced.

There's nothing at all for the market to react to in this latest rns.

[keifer derrin] 25/8/2004 15:35

All the other shares that I have owned which have released new shares, the price has dropped.

[chambeaj] 25/8/2004 15:26

No reason why shareprice should drop.

[keifer derrin] 25/8/2004 15:09

.....................yet :-)

[keifer derrin] 25/8/2004 15:09

although the new shares was already known about, at least the price didn't drop

[Abuse team] 25/8/2004 13:26

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[chambeaj] 25/8/2004 11:08

RNS was not late .... EGM was only yesterday for goodness sake.

RNS also bodes well for a positive result on Toledo Copper Mine imho

[made1686] 25/8/2004 11:01

out a day late and no mine,,ing report

[currypasty] 25/8/2004 10:56

1,546,000,000 more shares... thats alot !!