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Toledo Mining announces further step in devlopment of BNC

Published: 07:20 22 Oct 2012 BST

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Toledo Mining (LON:TMC) has announced a further step in the development of the Berong venture - though a new agreement with Philippine miner DMCI.

It has inked a memorandum of understanding with a subsidiary of DMCI Holdings, which will see DMCI acquire 31% of the Nickeline Resources Holdings, which holds 60% of BNC.

The consideration will be US$6.552 million in cash, which Toledo will use to put towards funding the purchase of ENK's direct 18.7% stake in BNC.

As a condition of the agreement, DMCI will become a new joint venture partner along with Toledo and Atlas in the Berong venture agreement.

It is an important step for Toledo as it means it will have greater representation on the BNC Board through its increased direct holding.

Toledo chief executive Victor Kolesnikov said: "Having two renowned Philippines companies as our partners will be a significant advantage for the next stage of development for BNC. 

"Toledo will be delighted to welcome DMCI as a partner to the Berong Venture Agreement, alongside Atlas and we both look forward to DMCI's input into the shared vision for the future of Berong."

Toledo holds a 56.1% economic interest in BNC.

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