Toledo paves way for strategic alliance with China's Jinchuan in Philippines

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Toledo Mining Corporation Plc has signed a memorandum of understanding with China's biggest nickel producer that should lead to a strategic alliance for the exploration, mining, processing and sale of nickel products from Toledo's nickel interests on Palawan Island, the Philippines.

Under the MOU, Jinchuan Group Ltd will subscribe for new Toledo ordinary shares representing 29.9% of its enlarged issued share capital. Jinchuan will pay 42 pence per share, raising over 7.4m ($11.2m). Jinchuan will also enter into a direct ore shipping sales contract to buy at least 1Mtpa of nickel ore from 2013, increasing to at least Mtpa in 2016. The Chinese firm will provide a pre-payment purchase facility to assist with...