On 27 June 2008, European Nickel PLC ("European Nickel") announced that it had completed the acquisition of a 19.3% interest in AIM-listed Toledo Mining Corporation PLC ("Toledo") and an 18.7% direct interest in the Berong Nickel Corporation ("BNC") in the Philippines for a total consideration of US$48.0 million. Toledo has a 56.1% direct and indirect interest in BNC, which holds the Berong, Moorsom and Long Point nickel laterite deposits (each of which are 100% owned by BNC). In addition, Toledo also has a 52% interest in the Ipilan and a 58% interest in the Ulugan nickel laterite deposits.
European Nickel is an AIM listed mining company with nickel laterite projects in Turkey, the Philippines and Albania. It has developed a proprietary process for the extraction of nickel from nickel laterites which is lower cost than conventional processes.
European Nickel was advised in this transaction by a team from Fasken Martineau Stringer Saul LLP led by Chris Chrysanthou and Mark Camilleri.