Toledo Mining Corporation Plc (TMC.LN), a nickel exploration and development company, announced Thursday that a third shipment of ore was shipped to BHP Billiton's or BHP (BLT.LN) Yabulu refinery from the Berong mine on Palawan island, Philippines, on Aug. 11.

MAIN FACTS:

-The shipment contained 48,108 tonnes of ore at 1.5% nickel (481 tonnes contained nickel on a dry basis) and 30% iron.

-Due to severe bad weather caused by tropical storms, the transhipment of ore from barge to the ship moored offshore was severely delayed.

-BHP has lodged a claim for demurrage, the amount of which is being contested by Berong Nickel Corporation (Berong) which declared force majeure during the ship loading.

-Even taking account of BHP's claim, the shipment is cash positive to Berong.

-Berong has now completed the shipment of stockpile material which meets the BHP specification.

-150,000 wet metric tonnes of ore remain on the stockpile at Berong for which Toledo continues to seek customers.

-The contract between Berong and BHP calls for a minimum shipment of 300,000 wet metric tonnes per annum to the Yabulu refinery of Queensland Nickel.

-So far this year, only half of this contracted amount has been taken

-It was reported in July that BHP has reached agreement in principle to sell the Yabulu refinery to Professor Clive Palmer.

-The consequences of this development for the timing of future shipments from Berong to Yabulu are under discussion.

 
 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com