Toledo Mining (LON:TMC) said today Berong Nickel will generate revenues of $24.4 million so far this year from 13 shipments dispatched or now being loaded.
Toledo, which manages and has a 56.1 percent economic interest in the Philippines-based Berong, added it was confident that production tonnage and grades could be maintained at current levels next year while it awaits receipt of a new tree cutting permit.
So far in 2012 the group has shipped or is currently loading a total of 678,443 wmt of nickel at an average grade of 1.67 percent.
This is forecast to yield approximately 8,102 tonnes of contained nickel.
In the three months to September, production of run-of-mine (ROM) ore from the Berong mine amounted to 185,878 wmt at an average grade of 1.81 percent nickel.
Direct ore shipping operations resulted in two further completed shipments during the quarter.
Subsequent to the quarter-end, BNC resumed direct ore shipping to Japan (shipment 11) with its first trial shipment completed during October.
Shipment 12, to China, was also completed while shipment 13, also for China, is currently loading.
As at 30 September, total coastal stockpiles of all ore grades, including ore being loaded amounted to 352,266 wmt with an average grade of 1.5 percent Ni.
Toledo added all requirements for the tree cutting permit have been complied with and were submitted to the relevant authorities in September 2011.
The application has been recommended for approval and is awaiting final signature.
John Meyer, mining analyst at SP Angel, said: “Toledo is operating well.
“Shipments have been loading well and is slightly behind schedule due to adverse weather conditions.”
He also noted: “The company currently has some $16 million worth of ore sitting at the coast.”
Toledo shares rose 3.97 percent, to stand at 36 pence each.