LONDON--Toledo Mining Corporation PLC (TMC.LN), which is focused
on the mining and development of nickel laterite deposits in the
Philippines, said Monday it has entered into a memorandum of
understanding, or MOU, with DMCI Mining Corporation, a wholly owned
subsidiary of DMCI Holdings Inc. (DMC.PH), to sell 31% of Nickeline
Resources Holdings Inc, or NRHI, for 6.552 million dollars.
MAIN FACTS:
-NRHI holds 60% of Berong Nickel Corporation, or BNC.
-Consideration from the sale will be applied by Toledo to the
funding of the acquisition of ENK PLC's direct 18.7% stake in BNC
which was announced June 29.
-Shares at 0740 GMT up 1 pence, or 1.96%, at 26 pence valuing
the company at 12.71 million.
-Write to Ian Walker at ian.walker@dowjones.com
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