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)
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