STOCKS NEWS EUROPE-Toledo up after first-half results

Shares in Toledo Mining (TMC.L) gain 3.5 percent after the Philippines-focused nickel company releases its interm results, which prompts Ambrian to repeat its speculative "buy" rating.

The company reports a loss of 1.8 million pounds, including forex losses of 1.46 million pounds, compared to a profit of 920,000 pounds in 2008, but says it has cash of 4.47 million pounds.

Ambrian says "Toledo's cash balance puts it in a strong position" and "is sufficient to complete all previously announced work programmes for the Berong and Ipilan projects". "In the short term, Jiangxi Rare Earth and Rare Metals Tungsten Group's commitment to (develop a leach project at) Berong is very positive ... In the longer term, Ipilan could shape up to be a much larger project, although a joint venture with MacroAsia will be the next key step," the broker adds.

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