Reuters logo
UPDATE 1-Toledo Mining reduces capex; cuts jobs at Berong mine
April 14, 2009 / 7:25 AM / 9 years ago

UPDATE 1-Toledo Mining reduces capex; cuts jobs at Berong mine

* Stops capex at Berong mine, cuts 600 jobs

* Cuts manning numbers at Ipilan project, head office

* Shares down 7 pct (Adds details)

April 14 (Reuters) - Philippines-focused nickel miner Toledo Mining Corp Plc TMC.L said on Tuesday it stopped all capital expenditure beyond necessary maintenance during the quarter ended March 31 and cut more than 600 jobs at its Berong nickel mine.

The company also said it “drastically” reduced its manning numbers at Ipilan nickel project and head office, while lowering spending to cover only regulatory or mandated levels.

Toledo Mining said the Chinese market for laterite ore declined further during the quarter and is expected to remain depressed well into 2009.

Shares of the company were down 7 percent at 38 pence at 0720 GMT on the London Stock Exchange. (Reporting by Ramkumar in Bangalore; Editing by Tresa Sherin)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below