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Toledo Mining Corporation

  • BY: Andrew Hore |
  • POSTED: 18/02/2013 |

DMCI Mining Corporation is making a mandatory cash bid for Toledo Mining Corporation having taken its stake in the mining company to 37.7%.

On Friday Jason Cropper sold DMCI his 20.7% stake in Toledo for 50p a share. DMCI had bought its initial 17% from Daintree Resources last October.

DMCI is a subsidiary of Philippine Stock Exchange-listed DMCI Holdings, which recently acquired ENK via a £49.8m joint bid with D&A Income. ENK’s principal asset is the Acoje nickel laterite project located on Luzon Island in the Philippines. 

Toledo owns 56.2% of the Berong Nickel Corporation (BNC), including a stake recently acquired from ENK, with DMCI owning an indirect stake of 18.6%. Atlas Consolidation Mining and Development owns the rest.

Toledo had £1.56m in the bank at the end of September 2012 and a few days later received a £1.73m loan repayment from BNC.

At 48p a share, Toledo is valued at £23.9m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2013_41.pdf

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