Toldeo Mining rose after a positive production update from its joint venture, the Berong Nickel Corporation.
Production of ore from the Berong mine during the three months to the end of December totalled 155,844 wet metric tonnes at an average grade of 1.84% nickel.
WMT incudes the weight of the ore together with moisture content.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Stockpiles at the year end totalled 230,416 WMT at an average grade of 1.46% nickel.
The 15 shipments made during 2012 amounted to sales in excess of 777,000 wmt ore yielding over 8,750 tonnes of contained nickel metal.
This generated gross revenues to Berong of around $29m, the firm said.
Toldeo's shares rose 2.6% after the announcement.
Toledo Mining has 56.2% of Berong Nickel, with the remained owned by Atlas Consolidated Mining and Development (25.2%) and DMCI Mining (18.6%).
MM
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
