mining corporation plc annual report  accounts 2008 toledo mining is focused on nickel 
mining and development in the philippines 
it has significant interests in two major 
nickel laterite projects on palawan in 
the philippines
the company has a 561 interest
in the berong deposit comprising
the berong moorsom and long
point deposits which has a
combined prejorc
1
resource of
approximately 275 million tonnes 
of nickel ore the company also has 
a 52 interest in the celestialipilan
deposit which has a prejorc
resource of approximately 75 million
tonnes of nickel ore
toledo mining corporation plc
annual report 2008
1
our prejorc resource referred to throughout this report
is defined as being conceptual in nature with insufficient 
exploration to define the mineral resource and with uncertainty 
as to whether further exploration will result in the determination 
of a mineral resource highlights
june 2007 mpsa granted 
sept 2007 ore supply agreement signed with bhpqni
nov 2007 mpsa commercial granted ie declaration of mine feasibility granted
jan 2008 tree cutting permit granted for mine area
june 2008 european nickel becomes largest shareholder of tmc
june 2008 mou signed with jiangxi on leach processing plant
01 toledo mining corporation plc
annual report 2008
contents
01 highlights
02 company overview
04 chairman’s statement
06 chief executive officer’s statement
08 corporate and social responsibility
10 board of directors
11 report of directors
15 statement of directors’ responsibilities
16 independent auditors’ report
17 consolidated income st atement
18 consolidated balance sheet
19 company balance sheet
20 consolidated statement of changes in equity
21 company statement of changes in equity
22 consolidated cash flow statement
23 company cash flow statement
24 notes to the financial statements
44 corporate directory company overview
berong nickel
overview
the berong nickel mine is believed to be the fourth
largest nickel laterite deposit in the world  the berong
nickel mine has made shipments of laterite ore to
chinese and australian customers for the full year
approximately 467278 tonnes of ore at an average grade
of 152ni was mined and shipped   since september
2007 approximately 293410 tonnes of ore has been
shipped to bhp billiton under the agreement with the
remainder of the ore shipments sold opportunistically to
chinese customers additional long term contracts are
being sought in china
whilst the direct sale of lateritic nickel ore has been a
success the long term future of the company rests with
incountry value added processing to leverage off the
large prejorc resource of nickel laterite managed by
the company
in june 2008 a strategic partnership was formed with
european nickel providing access to simple low cost
heap leaching
02 toledo mining corporation plc
annual report 2008
toledo mining has an interest in 
the berong celestialipilan 
and ulugan deposits on palawan 
island in the philippines
berong
celestialipilan
ulugan
275
56 1 
a combined prejorc resource of
approximately 275 million tonnes of 
nickel ore at around 13 nickel ni
economic interest including berong
moorsom and long point deposits
barge being loaded with laterite ore 03 toledo mining corporation plc
annual report 2008
celestialipilan nickel
overview
the celestial depositipilan project is located on the east
coast of palawan in july 2008 a memorandum of
understanding mou was signed with jiangxi rare earth
and rare metals tungsten group co ltd jxtc to
develop the project demonstrating chinas continued
interest in the finished nickel and cobalt metal products
the mou covers the initial building of a pilot plant in
china and thereafter a joint venture atmospheric leach
al plant or high pressure acid leach hpal plant at the
mine site with a design capacity of of up to 40000 tonnes
per year mixed nickelcobalt hydroxide product jxtc will
fund the feasibility study as well as arrange a qualified
chinese engineering company to manage the epcm
contract this will transform the company into a midtier
vertically integrated nickel producer  the celestialipilan
deposit has been drilled and test pitted on a grid spacing of
essentially 25m x 25m the nickel laterite mineralisation
averages between 10 to 15 metres in thickness over an
area of less than 1000 hectares snowden mining industry
consultants perth are currently preparing a jorc
compliant resource estimate which is expected to be
released during the third quarter of 2008 a 25 year
mineral production sharing agreement mpsa is 
already in place
75
52
current resource estimate of 75 million
tonnes of 125 nickel and 010 cobalt
within an area of 800 hectares
economic interest
ulugan nickel
overview
the company owns a 58 economic interest in the
ulugan nickel project this deposit is also located on the
island of palawan and consists of three exploration
permit applications covering more than 16000 hectares
pending granting of the exploration permits little work
has been undertaken on this property
58 economic interest
strategically the long term future of toledo rests
with value added processing where laterite ore is
processed on site current operations are confined 
to mining and shipping unprocessed ore but a pilot
leach plant will be built in china by q4 2009  
ipilan will be the sole supplier of ore to the pilot
plant and construction of a full scale plant is
expected to commence late 2010early 2011 chairman‘s statement
it has always been your company’s intention to
maximise the value of its large nickel resource base
through product beneficiation it is very pleasing
therefore to report that shortly after the end of the
year under review we signed a memorandum of
understanding with jiangxi rare earth and rare
metals tungsten group a major state owned
chinese metals producer for the financing and
construction of a jointly owned nickel cobalt leaching
plant and associated refinery the leaching plant 
with an annual capacity of up to 40000 tonnes mixed
hydroxide product will be sited in the philippines and
will treat ore from our ipilan deposit located on the
east coast of palawan island the refinery will be
located in china 
as to the year under review the first year of full
operations at our berong nickel mine on the west
coast of palawan proved challenging for local
management in addition to learning to cope with the
impact of severe weather conditions on production
and shipping the market price for nickel more than
halved during the year and chinese demand for direct
shipping ore from the philippines declined significantly
in preference for higher grade indonesian ore 
fortunately the berong operations are in a near unique
position with a secure offtake contract with bhp
billiton for the supply of 500000 tonnes per annum
direct shipping ore to its nickel refinery in queensland
australia moreover should market conditions warrant
berong can produce and ship at least twice this
amount for negligible additional capital expenditure
meantime and as mentioned previously we continue
to progress our plans to add value to our large nickel
resources through beneficiation
an important development in this regard occurred in
june 2008 when we welcomed european nickel plc 
to our register as the single largest shareholder
193 and also as a partner 187 in berong nickel
corporation this followed a transaction between
european nickel investika ltd of australia and our
then chairman chris kyriakou 
our ultimate aim remains the same as
ever to maximise shareholder returns
from being a significant profitable
player in the nickel industry
04 toledo mining corporation plc
annual report 2008 our principal local philippine partner atlas consolidated
mining and development corporation signalled its
support for the european nickel transaction by
waiving its preemptive rights to investika’s interest in
berong nickel corporation atlas consolidated is a
major company in its own right and remains an
important and valued ally for toledo
european nickel has leading edge experience in the
heap leaching of laterite ores and is applying its
proprietary technology to the development of its caldag
nickel deposit in western turkey additionally the
company’s extensive exploration portfolio includes a
joint venture on rusina mining’s acoje nickel deposit in
the philippines where european nickel also operates
a leaching test facility
following european nickel’s purchase of its interest in
your company chris kyriakou bob cleary and roger
shakesby resigned as directors to be replaced by
simon purkiss and felix pole i would like to extend
my sincere thanks to messrs cleary and shakesby for
their contribution to the development of the company
and especially to chris kyriakou who as executive
chairman played a lead role in securing and developing
our nickel interests
simon purkiss is a cofounder and managing director
of european nickel simon is a metallurgical engineer
with over 25 years’ operational and management
experience in the metals industries with particular
emphasis on the mining and treatment of nickel
felix pole was a cofounder of european nickel and
remains advisor to that company felix has a broad
financial and industrial background including having
been a director of titan resources nl a nickel miner
which through pacific ore technology developed the
bioheap bacterial leaching process for nickel and
copper sulphide ores 
we are fortunate to be able to welcome simon and
felix to the board and we can only benefit from their
considerable industry specific experience and
demonstrated business acumen likewise i have no
doubt that european nickel will be a supportive and
beneficial shareholder  already the application of
european nickel’s leaching technology to berong’s
ore is under active investigation and a test program is
underway at european nickel’s philippine test facility 
our operating plan for the year ahead assumes that
the nickel price will remain around current levels and
that chinese demand for philippine direct shipping ore
will continue to be muted we will nonetheless
maintain continuous dialogue with our customer base
with a view to the profitable utilisation of presently
spare productive capacity at berong whilst at the
same time pursuing further sensible operating cost
reductions we will of course focus our efforts on
meeting our obligations under the recently signed
memorandum of understanding and we will progress
further value adding opportunities 
that we are able to move forward so positively is due
in no small measure to the efforts of our management
team and philippine workforce led most capably by
our chief executive george bujtor  thanks to them
we have managed not only to secure our operating
base in the philippines underpinned by the offtake
contract with bhp billiton but also taken a significant
step in adding value to our nickel resources through
beneficiation i wish to congratulate george and his
staff for this achievement
our ultimate aim remains the same as ever to
maximise shareholder returns from being a significant
profitable player in the nickel industry
reginald eccles
12 august 2008
berong operations are in a near unique position with a 
secure offtake contract with bhp billiton for the supply of 
500000 tonnes per annum direct shipping ore to its nickel 
refinery in queensland australia

500000
05 toledo mining corporation plc
annual report 2008
supervision of trucks at coastal stockpile area chief executive 
officer’s statement
the berong nickel mine has been in operation for just
over one year and has successfully made shipments
of laterite ore to chinese and australian customers
for the full year april 1 2007 through march 31 2008
approximately 467278 tonnes of ore at an average
grade of 152 ni was shipped from the
commencement of trial metallurgical shipments in
january 2007 until the end of june 2008 approximately
815000 tonnes of ore at an average grade of 152 
ni was shipped into the market place
many of the temporary facilities put into place to
capture the benefits of historically high nickel prices
have been replaced by permanent facilities these
include the office complex accommodation facilities
the laboratory the heavy equipment workshops and
environmental structures the dangla road which
was planned for construction for 2007 was deferred
until 2008 due to the delays in gaining all the
necessary approvals still under evaluation are the
trestlepylon conveyor and ship loader and the
development of the dangla bay as an additional
stockpile area and barge loading facility 
operationally wet weather and rough sea conditions
have had greatest impact on mine production and ship
loading respectively the extreme wet conditions with
over 4 meters of annual rainfall at the mine site make
mining and drying of the laterite ore difficult similarly
the rough sea conditions during the period october
through february make the transshipment of laterite
ore from barge to the ocean going vessel unsafe and
difficult without a trestle conveyor ship loading is
restricted to about 7 months of the year 
notwithstanding the elements mine production is
being progressively ramped up and optimized at an
output rate of greater than 1 million tonnes per
annum using the existing infrastructure
the company continues to set new standards in
responsible mining in the philippines and is being
given full recognition as a role model for the mining
industry the development of systems for international
certification in environmental management iso14001
and occupational health and safety iso 18001
continue to make good progress rehabilitation of the
initial mined out areas had been undertaken and a
research area planted with various tree species
rehabilitation around the coastal stockpile areas has
also been undertaken over 112000 endemic and
value added trees mahogany rubber jatropha more
than 230000 stands of vetiver and other grasses over
1240 fruit trees 5500 pineapples and 2000
vegetables have been planted to meet our obligations
of 50 new trees planted for every tree cut in addition
over 175000 wildlings have been collected for 
ongoing progressive rehabilitation
under the company’s mou with the local indigenous
peoples approximately us360000 was paid as part
of the mandated royalty payments of 1 of gross
revenue from laterite ore sales funds from the royalty
payment are being used to establish essential
community services as well as livelihood projects
under the company’s social development and
management plan spending has been directed at
community projects like potable water systems
footbridge over the berong river school buildings
health clinic medical services and ambulance coverage
whilst the direct sale of lateritic 
nickel ore has been a success the 
long term future of the company rests
with incountry value added processing 
to leverage off the large prejorc
resource of over 350 million tonnes 
of nickel laterite
06 toledo mining corporation plc
annual report 2008 the markets for berong laterite nickel ore include
dominantly china and australia in mid2007 the
company signed a long term supply agreement with
queensland nickel pty ltd a wholly owned subsidiary
of bhp billiton for up to 500000 tonnes of ore per
annum since september 2007 approximately 293410
tonnes of ore has been shipped to bhp billiton under
the agreement with the remainder of the ore
shipments sold opportunistically to chinese
customers additional long term contracts are being
sought in china
the chinese market for laterite nickel ore has split
into two segments the production of nickel pig iron
for the stainless steel sector can be sourced from
either the blast furnace process requiring medium
grade nickel ore with associated high iron grades or
the electric arc furnace process requiring high grade
nickel ore with associated low iron grades berong is
well positioned to supply both ore types in the
medium term the market for blast furnace feed is
expected to decline in line with the chinese
government policy to shut down all the small blast
furnaces by year 2010 this is likely to lead to
increased production from electric arc furnaces and
hence demand for higher grade nickel laterite ores 
whilst the direct sale of lateritic nickel ore has been a
success the long term future of the company rests
with incountry value added processing to leverage off
the large prejorc resource of over 350 million
tonnes of nickel laterite managed by the company 
considerable metallurgical sampling and testing has
been undertaken on the various ore types at both
berong and ipilan the leaching processes tested
include high pressure acid leaching hpal
atmospheric leaching al and heap leaching hl
nickel and cobalt extraction rates under all three
leaching processes have produced excellent results
snc lavalin has produced estimates of the capital
and operating costs of all three leaching processes
and the results are being evaluated as to the best
processing option to employ
european nickel became a major shareholder and
joint venture partner midway through 2008 this is
seen as positive as the company has leading edge
experience in heap leaching which will be invaluable 
in assessing the processing options most suitable for
the berong ore bodies the recently signed mou with
jiangxi rare earth and rare metals tungsten group
co ltd on the celestial deposit provides an early
opportunity to produce a mixed hydroxide product
using either al or hpal 
exploration and permitting activities in the tenement
areas adjacent to the berong mine and the celestial
deposit continued in parallel with mining and shipping
activities the celestial deposit was extensively drilled
and test pitted with over 80000 meters of sampling
undertaken internal estimates suggest a geological
resource of approximately 75 million tonnes of laterite
ore  at an estimated grade of around 125 nickel
snowdens mining industry consultants is currently
preparing the jorc compliant report studies
continue on the development of a ‘direct shipping
operation’ to compliment the ore currently being
shipped out from berong the celestial depositipilan
project is located on the east coast of palawan and
will therefore benefit from year round shipping without
interruption
the achievements over the last year would not have
been possible without the dedicated efforts of all our
people and the support of the local community the
local government units the provincial government
and the national government i congratulate them all
and look forward to another successful year ahead
george bujtor
12 august 2008
07 toledo mining corporation plc
annual report 2008
drill cores of mineralised nickel laterite profile excavator loading ore at berong mine corporate and 
social responsibility
toledo has adopted best industry practice for
environmental protection on an island celebrated for
pristine natural beauty the company is committed 
to contributing to the economic development whilst
improving the quality of life of the workforce and 
their families as well as the local community and 
future generations
toledos berong operation on the island of palawan has
implemented processes practices and facilities for
the environmental protection of the region in which it
operates it’s excellence for best practice has been
recognised by the national and regional government 
in the philippines
08 toledo mining corporation plc
annual report 2008 progress since last year includes
the planting of over 500000 plant species as part of progressive rehabilitation
the establishment of a rehabilitation research facility to better understand 
alternative land uses as seen in the backdrop
construction of the berong river footbridge children lost up to 70 days of school 
each year on average due to being unable to cross the river during flooding
a medical centre staffed with 2 doctors
the commencement of a 55 ha nursery and research facility which will include
•  research office for local students
•  rice farming research project
•  honey production project
•  fish farming research
•  plant growing
•  botanic garden research
•  coconut bio matting project
•  animal rescue centre
▼ ▼ ▼ ▼ ▼
09 toledo mining corporation plc
annual report 2008 1 reginald eccles
nonexecutive directoracting chairman
reg has extensive experience in the mining industry specialising
in the areas of planning strategy and finance he has worked for
major international mining houses anglo american corporation
and consolidated goldfields plc cofounded a successful
minerals consultancy and publishing business and served as head
of global mining equities for both sbc warburg now ubs and
abn amro
3 simon purkiss
nonexecutive director
mr purkiss is a metallurgical engineer with over 25 years’
experience in the base metals and platinum group metals
industries in various operational and business development roles
at impala platinum ltd and bhp billiton he has specialised in
developing new processing routes to treat deposits that have not
been able to be treated by conventional processes and has
brought a number of these companies to the market mr purkiss
was one of the founders of european nickel plc a uk registered
company which has developed the heap leach process for
application to nickel laterites and has been managing director 
of that company since its formation
2 george bujtor
chief executive officer
george has more than 25 years experience in the mining and
metals industry and has held senior positions with rio tinto
including that of managing director of base metals development
and managing director external affairs energy and environment
he was previously ceo of aldoga aluminium smelter pty ltd
and prior to that he coled the a15bn comalco alumina
refinery project
4 felix pole
nonexecutive director
mr pole is an economist with a broad financial management
background in the mining oil and aviation industries he was 
one of the founders and first chairman of european nickel plc
previously mr pole was a director of titan resources nl
producing nickel concentrate for its customer western mining
now bhp billiton which through pacific ore technology
developed the bioheap bacterial leaching process for nickel 
and copper sulphide ores
board of directors
12
34
10 toledo mining corporation plc
annual report 2008 11 toledo mining corporation plc
annual report 2008
the directors present their report with the audited group financial statements for the year ended 31 march 2008
principal activities and review of business
the principal activity of the group is investment directly and indirectly in and operation of mining exploration and development projects
during the year the group’s main undertaking was the continuing development of the berong nickel project in which the company has a 561
economic interest the ipilan nickel project in which the company has a 52 economic interest and the ulugan nickel project in which the company
has a 58 economic interest 
a total of approximately 467277 tonnes of laterite nickel ore was shipped to china and australia in twelve separate shipments  these shipments
generated revenue of us2909 million  the group was fortunate that a number of these shipments occurred at a time when the nickel price was
experiencing record levels
an agreement was reached with bhp billiton for the long term supply of laterite ore to the yabulu plant in queensland australia  the agreement is
for the supply of up to 500000 wet metric tons of ore per year and runs for 5 years with bhp billiton having the option to extend this for a further 5
years  the company has the ability to supply to bhp billiton more ore than the contracted quantities  discussions are underway with several chinese
customers for similar long term supply agreements
during the period a jorc compliant mineral resource prepared by snowdens mining industry consultants from perth australia was completed  
the following is a summary of the jorc compliant mineral resource  the measured indicated and inferred resource within the 288 ha mpsa area is
estimated at 992 million tonnes at an average grade of 155 ni using a 1 nickel cutoff grade drilling within the mpsa area is ongoing and is
aimed at delineating additional tonnage
the company has continued to advance its prorata share of funds as required to meet the ongoing mine development costs  in mid2007 the
company recovered £3129520 us6129259 being funds previously advanced to berong nickel corporation bnc in excess of the company’s 
2 million commitment  in order to fund working and fixed capital requirements of the mine for the 2008 mining season in early 2008 the company
advanced £2 million us4 million to bnc  these funds have been advanced as interestfree unsecured loans and have no fixed terms of repayment
in early 2008 the company advanced £09 million us18 million to atlas consolidated mining and development corporation acmdc under the
loan facility arrangement in place with that company  these funds were advanced to enable acmdc to meets its share of working and fixed capital
requirements of the mine for the 2008 mining season
in may 2007 the company consummated an arrangement whereby it agreed to make a loan facility available to brooks nickel ventures inc brooks
of up to 25 million to enable that company to meet its funding requirements to ipilan nickel corporation under the celestial joint venture agreement
subsequently the facility was increased to 8 million  the facility is for a three year term and loan drawdowns bear interest at the rate of 10 per
annum compounded annually  the loan is secured by a first charge over brooks’ share of earnings from the ipilan nickel project and is repayable out
of brooks’ share of the ipilan nickel project cashflows  over the year ended 31 march 2008 the company advanced £25 million 5 million to brooks
under this facility
under the celestial joint venture agreement the company has the option to take a 40 holding in celestial nickel mining and exploration
corporation  during the year the board agreed to an advance of £045 million 09 million against the option exercise amount
with respect to the ulugan nickel project the exploration permits required to enable the company to proceed with exploration activities have yet to be
granted by the philippine authorities  accordingly the directors have taken a prudent view and have fully impaired the carrying value of this
investment resulting in an exceptional charge in the current year of £583433
over the year following the exercise of options and warrants the company allotted 950000 ordinary shares to raise £14 million
in august 2007 the company incorporated china nickel  steel corporation cnsc as a whollyowned subsidiary to investigate the acquisition of a
blast furnace business in china with the intention of producing pig nickel  the investigation did not proceed satisfactorily and cnsc remains dormant
further details of the company’s activities for the current year are set out in the chairman’s and chief executive officer’s statements
results and dividends
the profit for the year from ordinary activities before tax amounted to £1206702 2007 loss £1264416 the directors do not recommend the payment
of a dividend
share capital
details of share capital are given in note 24 to the financial statements
risk management
see note 33 to the financial statements
report of the directors
for the year ended 31 march 2008 report of the directors
for the year ended 31 march 2008
12 toledo mining corporation plc
annual report 2008
future developments
the directors anticipate the company’s major future developments will revolve around further investment in and development of the berong and ipilan
nickel projects  in particular the company is planning to continue direct shipping operations at the berong nickel project while simultaneously
evaluating and progressing incountry value added processing opportunities to leverage off the large prejorc resource managed by the company
principal risks and uncertainties facing the group
the principal risks faced by the group are as follows
• the exploration for and development of mineral deposits involves significant risks which even a combination of careful evaluation experience and 
knowledge may not eliminate there can be no guarantee that the estimates of quantities and grades of minerals disclosed will be available to 
extract with all mining operations there is uncertainty and therefore risk associated with operating parameters and costs resulting from the 
scaling up of extraction methods tested in pilot conditions
• the operations of the group may be disrupted by a variety of risks and hazards which are beyond the control of the group these may include 
geological geotechnical and seismic factors environmental hazards industrial accidents occupational and health hazards technical failures 
labour disputes unusual or unexpected rock formations flooding and extended interruptions due to inclement or hazardous weather conditions 
explosions and other acts these risks and hazards could also result in damage to or destruction of production facilities personal injury 
environmental damage business interruption monetary losses and possible legal liability
• the group’s future success is substantially dependent on the continued services and performance of its key personnel their loss or the inability to 
recruit personnel of the appropriate calibre could have a significant adverse effect of the business of the group
• the selling price of the nickel ore produced by the group’s operations varies in line with movements of the price of nickel as quoted on the london 
metal exchange
• some or all of the operating and exploration licences issued in respect of the projects may be subject to conditions which if not satisfied may lead 
to the revocation of such licences
• the group may have minority interests in the companies partnerships and ventures in which it invests and may be unable to exercise control over 
the operations of such companies
• the operations of the group are located in the philippines where there may be a number of associated risks over which it will have no control  
these may include economic social or political instability or change terrorism hyperinflation currency nonconvertibility or instability changes of 
laws affecting foreign ownership government participation taxation working conditions rates of exchange exchange control and exploration 
licensing
• the group’s total return and net assets can be significantly affected by currency movements
directors and their interests
the directors who served during the year and their interests in the company’s ordinary shares were as follows
5p ordinary shares
at 31 march at 31 march 
resigned 2008 2007
c kyriakou 27 june 2008 1550000 1400000
g bujtor 387037 37037
r eccles 25000 —
r cleary 27 june 2008 100000 200000
r shakesby 27 june 2008 54760 9260
no options were granted to the directors during the year 
options held by directors at 31 march 2008 are as follows
exercise
number price expiry date
c kyriakou 50000 £150 27 june 2009
g bujtor 150000 £150 30 november 2011
r cleary 100000 £150 27 june 2009
 or 90 days after the director ceases to be engaged by the company if earlier  13 toledo mining corporation plc
annual report 2008
events since the balance sheet date
subsequent to 31 march 2008 the company generated proceeds of £555907 from the sale of noncore listed investments  in addition the company
has advanced a further
• £271740 us536312 to berong nickel corporation as an interest free unsecured advance under the berong venture agreement
• £121248 us238799 to atlas consolidated mining and development corporation to meet that company’s share of berong project expenditure and
• £655203 us1333703 to brooks nickel ventures inc to meet that company’s share of ipilan project expenditure
on 27 june 2008 european nickel plc acquired a 193 interest in the company this acquisition included the entire holding of 115 of natasa mining
limited formerly investika limited and the entire holding of 52 of chris kyriakou following the acquisition by european nickel of its 193 holding
there was a restructure of the board of directors with the effect that chris kyriakou bob cleary and roger shakesby resigned as directors on the 27
june 2008 on the same date simon purkiss and felix pole were appointed as directors of the company
substantial shareholdings
on 31 march 2008 the following shareholders held 3 or more of the issued share capital of the company
number of percentage issued
ordinary shares ordinary shares
axa sa 2691780 91
natasa mining ltd formerly investika ltd 3391019 115
rab energy fund limited 2725000 92
tpg axon capital management 1912789 65
fmr llc 1542804 52
baker steel capital managers llp 1456000 49
barclays plc 1443868 49
chris kyriakou 1550000 52
throgmorton trust plc 1400000 47
alfredo ramos 1300000 44
mf global uk limited 1162300 39
man financial limited 1156200 39
see post balance sheet event note above for material movements on significant holdings
corporate governance
as toledo mining corporation plc is not a fully listed company it is not required to comply with the code of best practice published by the committee 
on the financial aspects of corporate governance “the combined code”  however the directors do place a high degree of importance on ensuring
that high standards of corporate governance are maintained  as a result most of the relevant principles set out in the combined code have been
adopted during the period and these are summarised below
directors
the company supports the concept of an effective board leading and controlling the company  the board is responsible for approving the company’s
policies and strategies  it meets frequently and receives and reviews on a timely basis financial and operating information appropriate to being able to
discharge its duties  directors are free to seek any further information they consider necessary  all directors submit themselves for reelection every
three years by rotation in accordance with the articles of association  all appointments to the board are subject to confirmation by shareholders at the
following agm
relations with shareholders
the company values the views of its shareholders and recognises their interest in the company’s strategy and performance  the board is available to
discuss current events with its institutional and private shareholders and positively encourages attendance at general meetings
nomination committee
in july 2008 the company established an nomination committee comprised of the nonexecutive directors  it is responsible for overseeing the
appointment of directors and the selection appointment and succession planning of the company’s chief executive officer   the committee makes
recommendations to the board on the appropriate skill mix personal qualities expertise and diversity of each position 
audit committee
the company has established an audit committee comprised of the nonexecutive directors  it is responsible for making recommendations to the
board on the appointment of auditors and the audit fee is responsible for ensuring that the financial performance of the company is properly
monitored and reported on and receives and reviews reports from management and the auditors relating to the interim report the annual report and
accounts and the internal control systems of the company report of the directors
for the year ended 31 march 2008
14 toledo mining corporation plc
annual report 2008
remuneration committee
the company has established a remuneration committee comprised of the nonexecutive directors  it is responsible for the review and
recommendation of the scale and structure of remuneration for key management personnel including any bonus arrangements or the award of share
options  details of the directors’ emoluments are set out in the financial statements  however there is no separate report of the remuneration
committee  it is the company’s policy that the remuneration of directors should be commensurate with services provided by them to the company
internal financial control and risk management
the directors are responsible for the company’s system of internal financial control and also for identifying the major business risks faced by the
company  the system of internal financial control is designed to provide reasonable but not absolute assurance against material misstatement or
loss  in fulfilling these responsibilities the board has reviewed the effectiveness of the system of internal financial control  the directors have
established procedures for planning budgeting and for monitoring on a regular basis the performance of the company and for determining the
appropriate course of action to manage any major business risks  the board has considered the need for an internal audit function but has decided
the size of the company does not justify it at present  this decision will be reviewed annually
supplier payment policy
it is the company’s policy to agree terms of payment with all suppliers at the time of the transaction and to pay suppliers as and when they fall due for
payment or alternatively to agree revised terms of payment  no distinction is made between different classes of suppliers  at the year end trade
payables amounted to 10 days 2007 26 days
political and charitable donations
no political or charitable donations were made during the year 
indemnity provision
directors and officers insurance are in place to indemnify the directors against liabilities arising from the discharge of their duties as directors of the
company
auditors
sawin  edwards have indicated their willingness to continue in office  a resolution to reappoint sawin  edwards for the ensuing year will be
proposed at the 2008 annual general meeting
by order of the board
j reynolds
company secretary
12 august 2008 15 toledo mining corporation plc
annual report 2008
statement of directors’ responsibilities
for the year ended 31 march 2008
the directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations
company law requires the directors to prepare financial statements for each financial year under that law the directors have elected to
prepare the financial statements in accordance with international financial reporting standards and applicable law the financial statements
are required by law to give a true and fair view of the state of affairs of the company and group and of the profit or loss of the group for that
period  in preparing those financial statements the directors are required to
a select suitable accounting policies and then apply them consistently
b make judgements and estimates that are reasonable and prudent
c state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the 
financial statements  
d prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company and group will 
continue in business 
the directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position
of the company and of the group and to enable them to ensure that the financial statements comply with the companies act 1985 they are
also responsible for safeguarding the assets of the company and group and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities
the directors are responsible for the maintenance and integrity of the corporate and financial information included on the company website
legislation in the united kingdom governing the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions
the directors confirm that so far as they are aware there is no relevant audit information as defined by section 234za of the companies act
1985 of which the company’s auditors are unaware they have taken all the steps that they ought to have taken as directors in order to make
themselves aware of any relevant audit information and to establish that the companys auditors are aware of that information 16 toledo mining corporation plc
annual report 2008
independent auditors’ report to the shareholders 
of toledo mining corporation plc
we have audited the group and parent company financial statements of toledo mining corporation plc for the year ended 31 march 2008
which comprise the consolidated income statement the consolidated and company balance sheets the consolidated and company
statements of changes in equity the consolidated and company cash flow statements and the related notes numbered 1 to 35 these
financial statements have been prepared under the accounting policies set out therein
this report is made solely to the company’s members as a body in accordance with section 235 of the companies act 1985  our audit work
has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report
and for no other purpose  to the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the company
and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditors
as described in the statement of directors’ responsibilities the companys directors are responsible for the preparation of the financial
statements in accordance with applicable law and international financial reporting standards ifrss as adopted for use in the european
union 
our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and international
standards on auditing uk and ireland
we report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the
companies act 1985  we also report to you if in our opinion the company has not kept proper accounting records if we have not received all
of the information and explanations we require for our audit or if information specified by law regarding directors’ remuneration and
transactions with the company is not disclosed
we report to you whether in our opinion the information given in the directors’ report is consistent with the financial statements
we read other information contained in the annual report and consider whether it is consistent with the audited financial statements  this
other information comprises only the chairman’s and the chief executive officer’s statements  we consider the implications for our report if
we become aware of any apparent misstatements or material inconsistencies with the financial statements  our responsibilities do not
extend to any other information
basis of audit opinion
we conducted our audit in accordance with international standards on auditing uk and ireland issued by the auditing practices board  an
audit includes an examination on a test basis of evidence relevant to the amounts and disclosures in the financial statements  it also
includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements and
of whether the accounting policies are appropriate to the companys circumstances consistently applied and adequately disclosed
we planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement whether caused
by fraud or other irregularity or error  in forming our opinion we also evaluated the overall adequacy of the presentation of information in the
financial statements
opinion
in our opinion
• the financial statements give a true and fair view in accordance with ifrss as adopted for use in the european union of the state of the 
group and the companys affairs as at 31 march 2008 and of the group’s profit for the year then ended  
• the financial statements have been properly prepared in accordance with the companies act 1985 and
• the information given in the directors’ report is consistent with the financial statements
sawin  edwards
chartered accountants  registered auditors
15 southampton place
london 
wc1a 2aj
12 august 2008 17 toledo mining corporation plc
annual report 2008
consolidated income statement
for the year ended 31 march 2008
year ended year ended
31 march 2008 31 march 2007
notes £ £
revenue 3 981487 186229
gross profit 981487 186229
administration expenses 2416266 2098316
exceptional item 4 583433 —
other operating income 104804 143448
realised and unrealised losses on current asset investments 221298 93543
share of results of associates 2649630 276289
profit  loss  from operations 5 514924 1585893
investment income 8 691778 321477
profit  loss before taxation 1206702 1264416
income tax expense 9 — —
profit  loss for the year 1206702 1264416
attributable to
equity holders of the parent 1003144 1300374
minority interest 203558 35958
1206702 1264416
earnings  loss per share pence  including share of associates results 
basic 10 343 472
diluted 10 336 448
loss per share pence  excluding share of associates results
basic 10 562 573
diluted 10 552 543
the company has taken advantage of section 230 of the companies act 1985 not to publish its own income statement account 18 toledo mining corporation plc
annual report 2008
consolidated balance sheet
for the year ended 31 march 2008
year ended year ended
31 march 2008 31 march 2007
notes £ £
assets
noncurrent assets
intangible assets 11 — —
property plant and equipment 12 8429 33397
investment in associated undertakings 14 12408531 10353674
loans and receivables 15 7625613 1812274
trade and other receivables 16 38450 38450
total noncurrent assets 20081023 12237795
current assets
trade and other receivables 17 567651 490282
taxation 18 23928 —
loans and receivables 19 — 3129520
current investments 20 413616 915568
cash and cash equivalents 21 5458262 8031291
total current assets 6463457 12566661
total assets 26544480 24804456
equity and liabilities
current liabilities
trade and other payables 22 622770 1656792
taxation 23 171583 2929
total current liabilities 794353 1659721
total liabilities 794353 1659721
equity 
share capital 24 1476917 1429417
share premium account 25 24508568 23062908
share based payments reserve 26 408980 1107326
translation reserve 735 —
retained loss 882767 2491097
equity attributable to equity holders of the parent 25510963 23108554
minority interest 27 239164 36181
total equity 25750127 23144735
total equity and liabilities 26544480 24804456
the financial statements were approved by the board of directors on 12 august 2008 and signed on their behalf by 
r eccles
director 19 toledo mining corporation plc
annual report 2008
company balance sheet
for the year ended 31 march 2008
year ended year ended
31 march 2008 31 march 2007
notes £ £
assets
noncurrent assets
intangible assets 11 — —
property plant and equipment 12 8429 33397
investment in subsidiary undertaking 13 10286 286
investment in associated undertakings 14 9871477 10466250
loans and receivables 15 7625613 1812274
trade and other receivables 16 38450 38450
total noncurrent assets 17554255 12350657
current assets
trade and other receivables 17 177772 407734
taxation 18 23928 —
loans and receivables 19 — 3129520
current investments 20 413616 915568
cash and cash equivalents 21 5249534 8030768
total current assets 5864850 12483590
total assets 23419105 24834247
equity and liabilities
current liabilities
trade and other payables 22 578958 1656139
taxation 23 171583 2929
total current liabilities 750541 1659068
total liabilities 750541 1659068
equity 
share capital 24 1476917 1429417
share premium account 25 24508568 23062908
share based payments reserve 26 408980 1107326
retained loss 3725901 2424472
equity attributable to equity holders of the parent 22668564 23175179
total equity 22668564 23175179
total equity and liabilities 23419105 24834247
the financial statements were approved by the board of directors on 12 august 2008 and signed on their behalf by 
r eccles
director 20 toledo mining corporation plc
annual report 2008
consolidated statement of changes in equity
for the year ended 31 march 2008
share based translation
share share payments retained minority exchange
capital premium reserve loss interest reserve total
£££££££
balance at 1 april 2007 1429417 23062908 1107326 2491097 36181 — 23144735
share issue 47500 1352500  — — — 1400000
transfer from reserve — 93160 698346 605186———
translation movement —  — — 575 735 1310
profit for the year — — — 1003144 203558 — 1206702
balance at 31 march 2008 1476917 24508568 408980 882767 239164 735 25750127
balance at 1 april 2006 898667 12523833 360571 1190723 — 12592348
share issue 530750 10539075 — — 224 11070049
share based payment — — 746755 — — 746755
profit  loss for the year — — — 1300374 35957 1264417
balance at 31 march 2007 1429417 23062908 1107326 2491097 36181 23144735 21 toledo mining corporation plc
annual report 2008
company statement of changes in equity
for the year ended 31 march 2008
share based
share share payments retained
capital premium reserve loss total
£££££
balance at 1 april 2007 1429417 23062908 1107326 2424472 23175179
share issue 47500 1352500 — — 1400000
transfer from reserve — 93160 698346 605186 —
loss for the year — — — 1906615 1906615
balance at 31 march 2008 1476917 24508568 408980 3725901 22668564
balance at 1 april 2006 898667 12523833 360571 801858 12981213
share issue 530750 10539075 — — 11069825
share based payment — — 746755 — 746755
loss for the year — — — 1622614 1622614
balance at 31 march 2007 1429417 23062908 1107326 2424472 23175179 22 toledo mining corporation plc
annual report 2008
consolidated cashflow statement
for the year ended 31 march 2008
year ended year ended
31 march 2008 31 march 2007
notes £ £
net cash outflow from operating activities 28 2098744 1143095
investing activities
investment income 406784 193843
purchase of property plant  equipment 3871 11939
sale of current investments 280654 —
loan investments advanced 5687372 4925092
loan investments repaid 3129520 —
net cash outflow from investing activities 1874285 4743188
financing activities
issue of equity share capital 1400000 11069825
net cash inflow from financing activities 1400000 11069825
net decrease  increase in cash and cash equivalents 2573029 5183542
cash and cash equivalents at 1 april 8031291 2847749
cash and cash equivalents at 31 march 21 5458262 8031291 23 toledo mining corporation plc
annual report 2008
company cashflow statement
for the year ended 31 march 2008
year ended year ended
31 march 2008 31 march 2007
notes £ £
net cash outflow from operating activities 28 2293298 1143331
investing activities
investment income 403133 193842
purchase of property plant  equipment 3871 11939
sale of current investments 280654 —
investment in subsidiary 10000 286
loan investments advanced 5687372 4925092
loan investments repaid 3129520 —
net cash outflow from investing activities 1887936 4743475
financing activities
issue of equity share capital 1400000 11069825
net cash inflow from financing activities 1400000 11069825
net decrease  increase in cash and cash equivalents 2781234 5183019
cash and cash equivalents at 1 april 8030768 2847749            
cash and cash equivalents at 31 march 21 5249534 8030768 24 toledo mining corporation plc
annual report 2008
notes to the financial statements
for the year ended 31 march 2008
1 general information
toledo mining corporation plc is a company incorporated in england and wales under the companies act 1985 the company’s registered 
office is ground floor 11 albemarle street london w1s 4hh
the principal activity of the group is the investment in and exploration and development of mining projects specifically in the philippines
the group’s principal activity is carried out in us dollars the financial statements are presented in pounds sterling as this is the currency 
of the country the uk where the company is incorporated and its ordinary shares admitted for trading
the board of directors has authorised the issue of these financial statements on the date of the statement as set out on page 16
2 accounting policies
basis of accounting
the financial statements have been prepared in accordance with international financial reporting standards ifrss
the financial statements have been prepared on the historical cost basis except that certain financial instruments are accounted for at fair 
values the principal accounting policies adopted are set out below
standards effective in the current year
in the current year the group has adopted ifrs 7 financial instruments disclosures which is effective for annual reporting periods 
beginning on or after 1 january 2007 and the consequential amendments to ias 1 presentation of financial statements
the impact of the adoption of ifrs 7 and the changes to ias 1 has been to expand the disclosures provided in these financial statements 
regarding the group’s financial instruments and management of capital see note 33
standards in issue not yet adopted
at the date of authorisation of these financial statements the group had not yet adopted ifrs 8 operating segments which is effective 
for annual accounting periods beginning on or after 1 january 2009 the directors anticipate that ifrs 8 will be adopted in the group’s 
financial statements for the period commencing 1 april 2009 and that the adoption of this standard will have no material impact on 
the financial statements of the group in the period of initial application
basis of consolidation
the consolidated financial statements incorporate the financial statements of the company and all group undertakings control is 
achieved when the company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from 
its activities
on acquisition the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of 
acquisition any excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recognised as goodwill 
any deficiency of the cost of acquisition below the fair value of the identifiable net assets acquired ie discount on acquisition is credited 
to the income statement in the period of acquisition the interest of minority shareholders is stated at the minority’s proportion of the fair 
values of the assets and liabilities recognised subsequently any losses applicable to the minority interest in excess of the minority 
interest are allocated against the interests of the parent
the results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective 
date of acquisition or up to the effective date of disposal as appropriate
where necessary adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with 
those used by the group
all intragroup transactions balances income and expenses are eliminated on consolidation
investments in associates
an associate is an entity over which the group is in a position to exercise significant influence but not control or joint control through 
participation in the financial and operating policy decisions of the investee
the results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting 
investments in associates are carried in the balance sheet at cost as adjusted by postacquisition changes in the group’s share of the net 
assets of the associate less any impairment in the value of individual investments losses of the associates in excess of the group’s 
interest in those associates are not recognised 25 toledo mining corporation plc
annual report 2008
2 accounting policies continued
where a group company transacts with an associate of the group unrealised profits and losses are eliminated to the extent of the group’s interest 
in the relevant associate losses may provide evidence of an impairment of the asset transferred in which case appropriate provision is made 
for impairment
upon commencement of commercial production operation of a mining property the investment in the associate company relating to that property 
is amortised on the basis of ore body extracted as a proportion of the ore body estimate of that property
revenue recognition
revenue and other operating income represent the provision of consultancy management and office services for the year 
interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable which is the rate 
that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount
gains and losses on current asset investments represent realised and unrealised gains  losses
foreign currencies
transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the individual transactions 
for practical reasons a rate that approximates to the actual rate at the date of the transaction is often used at each balance sheet date monetary 
assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date nonmonetary 
assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at the balance sheet date gains and losses 
arising on retranslation are included in net profit or loss for the period on consolidation the assets and liabilities of the group’s overseas 
operations are translated at exchange rates prevailing on the balance sheet date income and expense items are translated at the average 
exchange rates for the period unless exchange rates fluctuate significantly exchange differences arising if any are classified as equity and 
transferred to the group’s translation reserve such translation differences are recognised as income or as expenses in the period in which the 
operation is disposed of
taxation
the income tax expense represents the sum of the tax currently payable and deferred tax the tax currently payable is based on taxable profit for 
the year  taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable 
or deductible in other years and it further excludes items that are never taxable or deductible the group’s liability for current tax is calculated 
using tax rates that have been enacted or substantively enacted by the balance sheet date
deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial 
statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability 
method deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent 
that it is probable that taxable profits will be available against which deductible temporary differences can be utilised such assets and liabilities 
are not recognised if the temporary difference arises from the original recognition of other assets and liabilities in a transaction that affects neither 
the tax profit nor the accounting profit 
the carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that 
sufficient taxable profits will be available to allow all or part of the asset to be recovered
deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised deferred tax 
is charged or credited in the income statement except when it relates to items charged or credited directly to equity in which case the deferred tax 
is also dealt with in equity
no recognition has been made for the deferred tax asset arising in respect of current losses as the directors are of the opinion that this may not be 
realisable in the foreseeable future
financial instruments
financial assets and financial liabilities are recognised on the balance sheet when the company becomes a party to the contractual provisions of 
the instrument
noncurrent intangible assets
noncurrent intangible assets are shown at cost less any provisions made in respect of impairment  26 toledo mining corporation plc
annual report 2008
notes to the financial statements
for the year ended 31 march 2008
2 accounting policies continued
asset impairments
noncurrent intangible assets are reviewed for impairments if events or changes in circumstances indicate that the carrying amount may not be 
recoverable when a review is conducted the recoverable amount is assessed by reference to the net present value of expected future cash flows of 
the relevant income generating unit or disposal value if higher 
if an asset is impaired a provision is made to reduce the carrying amount to its estimated recoverable amount
noncurrent asset investments
loan investments are shown at cost less provision for any permanent diminution in value loan investments are recognised as an asset when 
sums are advanced
property plant and equipment
office equipment and furniture are shown at cost less accumulated depreciation and any recognised impairment loss depreciation is charged so 
as to write off the cost of assets over their estimated useful lives using the straight line method on the following basis
office furniture and fittings 33  50
computer and office equipment 33  100
cash and cash equivalents
cash and cash equivalents comprise cash held at bank and on short term deposits
financial liabilities and equity
financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into an equity 
instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
trade payables
trade payables are not interest bearing and are stated at their nominal value
trade receivables 
trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable 
amounts
investments
investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require 
delivery of the investment within the timeframe established by the market concerned and are initially measured at cost including transaction costs 
investments are classified as heldfortrading and are measured at subsequent reporting dates at fair value where securities are held for 
trading purposes gains and losses arising from changes in fair value are included in net profit or loss for the period
equity instruments
equity instruments issued by the company are recorded at the proceeds received except where those proceeds appear to be less than the fair 
value of the equity instruments issued in which case the equity instruments are recorded at fair value the difference between the proceeds 
received and the fair value is reflected in the share based payments reserve
the costs of issuing new equity are charged against the share premium account
operating leases
rental costs under operating leases are charged to the income statement on a straight line basis over the term of the lease where an 
incentive to sign the lease has been taken the incentive is spread on a straight line basis over the lease term
pension costs
the company makes defined contributions to the independent pension scheme of its employees 27 toledo mining corporation plc
annual report 2008
2 accounting policies continued
share based payments
the group has applied the requirements of ifrs 2 sharebased payments
the group issues equitysettled based payments to directors staff and certain professional advisors of the group equitysettled sharebased 
payments are measured at fair value at the date of grant the fair value determined at the grant date of the equitysettled sharebased payment is 
expensed on a straightline basis over the vesting period based on the group’s estimate of shares that will eventually vest
fair value is measured using a blackscholes model the expected life used in the model has been adjusted based on management’s best 
estimate for the effects of nontransferability exercise restrictions and behavioural considerations
3 segmental analysis
the turnover and loss before tax are attributable to the principal activities of the group
segmental information on a geographical basis is set out below
year ended 31 march 2008
uk philippines china total
££££
revenue 99225 — 882262 981487
lossprofit for the year 1906614 — 463686 1442928
share of associates results — 2649630 — 2649630
depreciation  amortisation — 40179 — 40179
impairment  investments — 583433 — 583433
total assets 5903300 20042573 598607 26544480
total liabilities 399491 351050 43813 794354
tangible assets additions — 3871 — 3871
loan investment additions — 5986823 — 5986823
year ended 31 march 2007
uk philippines china total
££££
revenue 103681 — 82548 186229
loss profit for the year 1622613 — 81908 1540705
share of associates results — 276289 — 276289
depreciation — 37326 — 37326
impairment intangibles — 50048 — 50048
total assets 9392520 15328865 83071 24804456
total liabilities 466902 1192166 653 1659721
tangible assets additions — 11939 — 11939
loan investment additions — 1812274 — 1812274
details of associated company’s results are shown in note 34
4 exceptional item
year ended year ended
31 march 2008 31 march 2007
£ £
impairment write down  investment in associate 583433 —
the directors having carried out an impairment review have considered that the investment in the ulugan nickel project should be subject 
to an impairment charge of £583433 100 and accordingly investments in associates have been written down by this amount 28 toledo mining corporation plc
annual report 2008
notes to the financial statements
for the year ended 31 march 2008
5 profit  loss from operations
profit  loss from operations is stated after charging  crediting
year ended year ended
31 march 2008 31 march 2007
£ £
auditors remuneration
 as auditors 28060 27300
 as reporting accountants 16740 11700
 taxation compliance 2000 2000
audit fees  other auditor 38723 9441
operating lease  office rent 69298 69298
realised gains on current asset investments 4090 —
unrealised losses on current asset investments 225388 93543
foreign exchange loss 98722 —
depreciation 28839 37326
amortisation 11340 —
6 particulars of employees
the average number of staff employed by the group during the financial year amounted to
year ended year ended
31 march 2008 31 march 2007
no no
administrative staff 2 2
the aggregate costs of the above were
£ £
wages and salaries 108647 85001
social security costs 17631 8629
pension costs  defined contribution 5142 2350
share based payments — 35078
131420 131058
7 directors’ emoluments
the company also employed five 2007 six directors during the year with aggregate emoluments in respect of qualifying services as follows
year ended year ended
31 march 2008 31 march 2007
£ £
directors’ fees 15000 15000
amounts paid to third parties for the provision of directors’ services 104250 87000
share based payments and related costs 127296 342050
246546 444050
highest paid director 84995 60000
share options exercised by highest paid director 100000 400000
number of directors who exercised share options during the year 3 3
amounts paid in respect of professional consulting services not included above are disclosed in the related party note note 30 29 toledo mining corporation plc
annual report 2008
8 investment income 
year ended year ended
31 march 2008 31 march 2007
group group
£ £
interest on bank deposits 389783 302482
interest on loan investments 299452 16703
other interest 18 2292
dividends 2525 —
691778 321477
9 income tax expense
group group
year ended year ended
31 march 2008 31 march 2007
£ £
taxation charge — —
due to the taxable losses arising there is no charge to uk corporation tax
current tax reconciliation
profit  loss for the year before taxation 1206702 1264416
profit  loss for the year multiplied by standard
rate of uk corporation tax 30 362011 379325
effects of
expenses not deductible for tax purposes 268717 223355
non taxable income 758 —
overseas profits 139106 24573
share of associate results 794889 82887
increase in potential tax credits 304025 263430
tax charge — —
potential uk tax credits available multiplied by standard rate of corporation tax 30 789044 485019
no recognition has been made of the deferred tax asset in respect of the losses shown above as the directors are of the opinion that this 
may not be realisable in the foreseeable future
10earnings  loss per share – including share of associates results
earnings  loss per share has been calculated by dividing the profit  loss for the year after taxation including share of associates profits 
of £2649630 2007 £276289 attributable to the equity holders of the parent company of £1003144 2007 loss £1300374 by the weighted 
average number of shares in issue at the year end of 29278552 2007 27529424
diluted earnings  loss per share has been calculated using the weighted average number of shares in issue at the year end diluted for 
the effect of share options in existence at the year end of 545000 2007 1495000
loss per share – excluding share of associates results
loss per share has been calculated by dividing the loss for the year after taxation excluding share of associates profits of £2649630 
2007 £276289 attributable to the equity holders of the parent company of £1646486 2007 £1576663 by the weighted average number 
of shares in issue at the year end of 29278552 2007 27529424
diluted loss per share has been calculated using the weighted average number of shares in issue at the year end diluted for the effect of 
share options in existence at the year end of 545000 2007 1495000 30 toledo mining corporation plc
annual report 2008
notes to the financial statements
for the year ended 31 march 2008
11intangible assets
2008 2007
company and group £ £
exploration expenditure
cost
balance brought forward — 50048
write down — 50048
balance carried forward — —
net book value — —
the exploration expenditure relates to the company’s development costs and qualifying expenditure under the company’s venture 
agreements relating to the berong celestialipilan and ulugan nickel projects  during the year ended 31 march 2006 the company’s 
interests in these projects vested and the total cost of these investments at that date was transferred to fixed asset investments 
refer note 14  additional expenditure incurred in the year ended 31 march 2007 of £50048 has been charged to the income statement
12property plant and equipment
computer and furniture fixtures
office equipment and fittings total
company and group £££
cost
balance at 1 april 2007 46838 40425 87263
additions 3871 — 3871
disposals 8431 — 8431
balance at 31 march 2008 42278 40425 82703
depreciation
balance at 1 april 2007 28411 25455 53866
charge for the year 18100 10739 28839
disposals 8431 — 8431
balance at 31 march 2008 38080 36194 74274
net book value
at 31 march 2008 4198 4231 8429
at 31 march 2007 18427 14970 33397
cost
balance at 1 april 2006 52391 36185 88576
additions 7699 4240 11939
disposals 13252 — 13252
balance at 31 march 2007 46838 40425 87263
depreciation
balance at 1 april 2006 18647 11145 29792
charge for the year 23016 14310 37326
disposals 13252 — 13252
balance at 31 march 2007 28411 25455 53866
net book value
at 31 march 2007 18427 14970 33397
at 31 march 2006 33744 25040 58784 31 toledo mining corporation plc
annual report 2008
13investment in subsidiary undertakings
2008 2007
company £ £
cost
balance brought forward 286 —
additions 10000 286
balance carried forward 10286 286
subsidiary country of proportion of nature of
undertaking incorporation holding voting shares held business
china nickel corporation british virgin islands ordinary shares 561 consultancy services
china nickel  steel corporation british virgin islands ordinary shares 100 dormant
during the year the company acquired 100 of a newly formed company china nickel and steel corporation as a cost of £10000
14 investment in associated undertakings
2008 2007
company £ £
cost
balance brought forward 10466250 10466250
balance carried forward 10466250 10466250
amortisation  impairment
balance brought forward — —
impairment charge 583433 —
amortisation 11340 —
balance carried forward 594773 —
net book value 9871477 10466250
2008 2007
group £ £
cost
balance brought forward 10353674 10077385
share of associate undertakings results 2649630 276289
balance carried forward 13003304 10353674
amortisation  impairment
balance brought forward — —
impairment charge 583433 —
amortisation 11340 —
balance carried forward 594773 —
net book value 12408531 10353674 32 toledo mining corporation plc
annual report 2008
notes to the financial statements
for the year ended 31 march 2008
15loans and receivables
2008 2007
company and group £ £
balance brought forward 1812274 —
additions 5986823 1812274
translation exchange movement 173484 —
balance carried forward 7625613 1812274
in april 2006 the company announced that it had negotiated to subscribe for up to us5 million in a threeyear loan note in atlas 
consolidated mining and development corporation acmdc secured over acmdc’s share of the berong nickel project the note bears 
interest at the rate of 10 per annum and is repayable out of acmdc’s share of the berong nickel project cash flow or is convertible into 
acmdc shares at the election of the company the total amount advanced at 31 march 2008 including accrued interest of us343646 
2007 us32737 was us4908463 £2461594 2007 us2785987 £1472155 
in may 2007 the company entered into an agreement to make a loan facility available to brooks nickel ventures inc brooks of up to 
us25 million secured over brooks’ share of the ipilan nickel project the loan bears interest at 10 per annum and is repayable out of 
brooks’ share of the ipilan nickel project cash flow during the year the loan facility was increased to us8 million the total amount 
advanced at 31 march 2008 including accrued interest of us289929 was us5289901 £2654603 2007 us585191 £340119
as repayments are linked to successful commercial exploitation of the berong and ipilan nickel projects respectively the directors are of 
the opinion that it would be impractical to predict when these repayments might occur  the receivables are therefore shown at historical cost
under the celestial joint venture agreement the company has the option to take a 40 holding in celestial nickel mining and exploration 
corporation cnmec in august 2007 the board agreed to an advance of us900000 £451349 against the option exercise amount if the 
company decides not to exercise the option to purchase or is prevented by any cause from exercising the option to purchase then the borrowers 
are required to reimburse the advance the advance is interest free and guaranteed by cnmec but is otherwise unsecured due to the uncertainty 
as to when or if the company will exercise this option the receivable has been shown at historical cost
company and group
under the berong venture agreement the company has advanced funds to berong nickel corporation bnc to meet ongoing mine 
development costs the total amount advanced at 31 march 2008 was us4162740 £2058067 the loan amounts advanced are interest 
free unsecured and have no fixed terms of repayment see also note 19 for current loan advances to bnc as repayments are linked to 
successful commercial exploitation of the berong nickel project the directors are of the opinion that it would be impractical to predict when 
this receivable will be repaid and it is therefore shown at historical cost
16trade and other receivables – noncurrent
2008 2007
company and group £ £
rent deposit 38450 38450
17trade and other receivables – current
group company group company
2008 2008 2007 2007
££ ££
trade receivables 403373 13494 316144 233596
prepayments and accrued income 164278 164278 174138 174138
567651 177772 490282 407734
18taxation
group company group company
2008 2008 2007 2007
££ ££
vat recoverable 23928 23928 —— 33 toledo mining corporation plc
annual report 2008
19loans and receivables – current
group company group company
2008 2008 2007 2007
££ ££
balance brought forward 3129250 3129250 ——
loan amounts repaid  advanced 3129250 3129250 3129250 3129250
balance carried forward —— 3129250 3129250
during the year ended 31 march 2007 the company advanced £3129520 us6129258 to berong nickel corporation to meet the 
company’s pro rata share of expenditure on the berong nickel project  this amount was repaid to the company in may and june 2007
20current investments
group company group company
2008 2008 2007 2007
££ ££
listed investments  market value 413616 413616 915568 915568
21cash and cash equivalents
group company group company
2008 2008 2007 2007
££ ££
cash held in trust bank account 29547 29547 29957 29957
cash at bank and in hand 5428715 5219987 8001334 8000811
5458262 5249534 8031291 8030768
22trade and other payables
group company group company
2008 2008 2007 2007
££ ££
trade payables 104390 61349 103689 103036
accruals 167330 166559 360937 360937
project expenditure payables —— 636473 636473
other payables 351050 351050 555693 555693
622770 578958 1656792 1656139
other payables relate to the company’s remaining expenditure commitments which have been capitalised as part of the cost of acquiring 
the equity interests in the fixed asset investments as follows
group company group company
2008 2008 2007 2007
££ ££
ulugan nickel project 351050 351050 555693 555693
23taxation
group company group company
2008 2008 2007 2007
££ ££
payroll taxes 171583 171583 2929 2929 34 toledo mining corporation plc
annual report 2008
notes to the financial statements
for the year ended 31 march 2008
24called up share capital – company and group
number £ number £
authorised 2008 2008 2007 2007
ordinary shares of 5p each 40000000 2000000 40000000 2000000
allotted and fully paid 29538333 1476917 28588333 1429417
during the year the company issued the following shares
nominal
date number price value share premium
4 april 2007 100000 £100 £5000 £95000
9 may 2007 110000 £150 £5500 £159500
9 may 2007 100000 £175 £5000 £170000
22 may 2007 15000 £150 £750 £21750
22 may 2007 100000 £150 £5000 £145000
14 june 2007 50000 £150 £2500 £72500
21 june 2007 125000 £150 £6250 £181250
9 october 2007 350000 £150 £17500 £507500
total 950000 £47500 1352500
the company has one class of ordinary shares which carry no right to fixed income
share options and warrants in existence at 31 march 2008 are as follows
number description exercise price expiry date
150000 ordinary shares £150 27 june 2009
95000 ordinary shares £150 31 august 2009
100000 ordinary shares £150 7 march 2009
200000 ordinary shares £150 30 november 2011
 or 90 days after the option holder ceases to be engaged by the company if earlier
25share premium account
2008 2007
company and group £ £
balance brought forward 23062908 12523833
premium arising on issue of equity shares 1352500 11145250
placing commission — 450908
placing commission  share warrants granted — 155267
transfer from share based payment reserve 93160 —
balance carried forward 24508568 23062908 35 toledo mining corporation plc
annual report 2008
26 share based payments reserve
2008 2007
company and group £ £
balance brought forward 1107326 360571
options issued to directors staff and professional advisors and charged to the income statement — 591488
options issued to professional advisors and charged to share premium account — 155267
transfer to retained loss 605186 —
transfer to share premium account 93160 —
balance carried forward 408980 1107326
the share based payments reserve relates to share options granted to directors staff and certain professional advisors
the share options vested on grant and are capable of being exercised at any time between the date of grant and the expiry date subject to that 
unless exercised these share options expire within 90 days of the grantee ceasing to be an executive  consultant of the company see note 24
movement on share options was as follows
2008 2007
no of options no of options
options at beginning of year 1495000 3075000
options granted — 970000
options lapsed — 1510000
options exercised 950000 1040000           
options at end of year 545000 1495000
options granted included in the above and which are subject to ifrs 2 share based payments — 970000
options exercisable at year end 545000 1495000
weighted average exercise prices were as follows
2008 2007
options at beginning of year £148 £131
options granted — £153
options lapsed — £130
options exercised £147 £128
options at end of year £150 £148
options exercisable at year end £150 £148
weighted average share price at date of exercise for options exercised during the year £341 £153
weighted average remaining contracted life of options outstanding at the year end 32 years 28 years
exercise prices of options outstanding at the year end
2008 2007
exercise price per share no of options no of options
£175 — 100000
£150 545000 1295000
£100 — 100000
545000 1495000 26 share based payments reserve continued
2008 2007
weighted average fair value of options granted in year — £077
the option pricing model used in calculating the fair value of options granted was the black scholes model
inputs in the model for share options granted were as follows
weighted average share price — £120
weighted average exercise price — £153
average expected volatility — 97
average option life — 47 years
average risk free rate — 517
expected dividends — nil
expected volatility was determined by calculating the actual volatility of the company’s share price based on a historical 25 week period and
ending on the grant date of the option
27minority interest  group
the minority interest is in relation to a 439 share in china nickel corporation
2008 2007
£ £
share of current assets 258397 36468
share of current liabilities 19233 287
239164 36181
28cash flows from operating activities
2008 2007
group £ £
net profit  loss from operations 514924 1585893
adjustments for
write down of intangible expenditure — 50048
impairment write down 583433 —
share based payments — 746755
share of associate undertakings profits 2649630 276289
decrease  increase in current investments 221298 18568
foreign exchange movements 172172 —
amortisation 11340 —
depreciation 28839 37326
operating cash flows before movements in working capital 1117624 1046621
increase in trade and other receivables 115752 239596
decrease  increase in trade and other payables 865368 143122
net cash outflow from operating activities 2098744 1143095
toledo mining corporation plc
annual report 2008
36
notes to the financial statements
for the year ended 31 march 2008 37 toledo mining corporation plc
annual report 2008
28cash flows from operating activities continued
2008 2007
company £ £
net loss from operations 2594741 1944090
adjustments for
write down of intangible expenditure — 50048
impairment write down 583433 —
share based payments — 746755
decrease  increase in current investments 221298 18568
foreign exchange movements 173482 —
amortisation 11340 —
depreciation 28839 37326
1576349 1128529
decrease  increase in trade and other receivables 191578 157271
decrease  increase in trade and other payables 908527 142469
net cash outflow from operating activities 2293298 1143331
29controlling party
there is no ultimate controlling party of the company
30related party transactions
c kyriakou and r shakesby are directors and r cleary was a director of tarquin resources plc
the company provided and recharged to tarquin resources plc office support staff and expenses of £45625 2007 £64463
tarquin resources plc provided support and consultancy services to the company for £7395 2007 £14205
at the year end tarquin resources plc owed the company £2116 2007 £6084
c kyriakou and r cleary are directors of natasa mining limited formerly investika limited an australian resources company
natasa mining limited provided and recharged to the company support staff and expenses of £nil 2007 £61372
capma pty ltd a company in which c kyriakou has an interest paid expenses on behalf of the company of £143325 2007 £96121 which 
was recharged to the company
at the year end the company owed £16126 2007 £13994 to capma pty ltd
the company was charged £72000 2007 £60000 by resource capital partners inc for the provision of services of c kyriakou as director 
of the company
the company was charged £51124 2007 £41557 by accomplishments pty ltd for the provision of services of r cleary £15000 
2007 £15000 for services as director of the company and £36124 2007 £26557 for services as a consultant to the company
the company was charged £42403 2007 £750 by metal analysis limited for the provision of services of r eccles £17250 2007 £750 for 
services as director of the company and £25153 2007 £nil for services as a consultant to the company
the company was charged £20545 2007 £15000 by r shakesby £15000 2007 £15000 for services as director of the company and 
£5545 2007 £nil for services as consultant to the company
the company was charged £332001 2007 £257398 for the services of g bujtor as consultant by global resources  marketing services 
sa g bujtor incurred and recharged expenses to the company for £66954 2007 £166248
the company was charged £62983 2007 £2956 for the services of g bujtor as consultant by resource  project commercialisation pty 
ltd the subsidiary china nickel corporation was charged £37346 2007 £nil for the services of g bujtor as consultant by resource  
project commercialisation pty ltd
c kyriakou is and r cleary and g bujtor were directors of umc energy plc notes to the financial statements
for the year ended 31 march 2008
38 toledo mining corporation plc
annual report 2008
30related party transactions continued
the company provided and recharged to umc energy plc office support staff and expenses of £63475 2007 £64462
umc energy plc provided support staff to the company for £8680 2007 £7161
at the year end the company was owed £6173 2007 £6084 by umc energy plc
c kyriakou is and g bujtor and r eccles were directors of belitung zinc corporation plc
the company provided and recharged to belitung zinc corporation plc office support staff and expenses of £38625 2007 £64482
belitung zinc corporation plc provided support staff to the company for £7395 2007 £7161
at the year end the company was owed £1528 2007 £6084 by belitung zinc corporation plc
during the year share based payments and related costs for key management totalled £127296 2007 £342050 
the company has two subsidiaries details of which are given in note 13
atlas consolidated mining and development corporation acmdc and european nickel plc are and natasa mining limited was joint 
venture partners with the company under the berong venture agreement
brooks nickel ventures inc brooks and celestial nickel mining and exploration corporation cnmec are joint venture partners with the 
company under the celestialipilan venture agreement  
atlas consolidated mining and development corporation acmdc is joint venture partner with the company under the ulugan venture agreement
under the berong celestial and ulugan venture agreements the company has through the expenditure of qualifying costs of £10464306 
2007 £10464306 acquired equity interests in the following philippines’ registered companies
tmm ulugan nickeline 
management resources ulugan nickel resources nickel laterite berong nickel ipilan nickel 
inc holdings inc corp holdings inc resources inc corp corp
direct 40 30 40 40 20 213 40
indirect — — 18 18 — 348 12
total 40 30 58 58 20 561 52
in april 2006 the company entered into an agreement to subscribe for up to us5 million in a threeyear loan note in acmdc secured 
over acmdc’s share of the berong nickel project cash flows the note bears interest at the rate of 10 per annum and is repayable out of 
acmdc’s share of the berong nickel project cash flow or is convertible into acmdc shares at the election of the company 
during the year the company advanced us1811567 2007 us2753250 to acmdc under the loan note this amount together with 
accrued interest of us310909 2007 us32737 is shown under noncurrent loan investments at £2461594 2007 £1472155
see note 15 accrued interest of us nil 2007 us100000 arising on the loan note was waived during the year
in may 2007 the company entered into an agreement to make a loan facility available to brooks of up to us25 million brooks confirmed 
that the £340119 us585191 already advanced by the company in excess of its us2 million funding commitment would be subject to 
the terms of the agreement this loan facility was subsequently increased to us8 million during the year the company advanced a 
further us4414781 to brooks this amount together with accrued interest of us289929 is shown under noncurrent loan investments 
at £2654603 see note 15 the loan facility bears interest at 10 is repayable on the third anniversary of each drawdown is secured over 
brooks’ share of earnings from the ipilan nickel project and is repayable out of brooks’ share of the ipilan nickel project cash flows
under the celestial joint venture agreement the company has the option to take a 40 holding in cnmec during the year the company 
agreed to an advance of 900000 £444418 as shown in note 14 against the option exercise amount if the company decides not to 
exercise the option to purchase or is prevented by any cause from exercising the option to purchase then the borrowers are required to 
reimburse the us900000 the advance is interest free and guaranteed by cnmec but is otherwise unsecured 39 toledo mining corporation plc
annual report 2008
30related party transactions continued
the company under the celestial venture agreement advanced the remainder of its expenditure commitments of usnil 
2007 us1160000 £672800
the company’s expenditure commitment under the ulugan venture agreement at the year end is us700000 £351050 2007 950000 
£555693
under the berong venture agreement the company has advanced funds to berong nickel corporation bnc to meet ongoing mine 
development costs the total amount advanced at the 31 march 2007 was us6129258 £3129520 this amount was repaid in may and 
june 2007 during the year the company advanced us4162740 to bnc which amount is shown under noncurrent loan investments at 
£2058067 see note 15 the loan amounts advanced are interest free unsecured and have no fixed terms of repayment
cnmec owns 40 of the issued share capital of nickel laterite resources inc there is a royalty agreement in place such that the 
company has a commitment to make certain payments to cnmec as described in note 31
31commitments and contingencies
under a royalty agreement the company has made a commitment to make certain payments to celestial nickel mining exploration 
corporation as follows
upon completion of a feasibility study us200000
upon completion of positive bankable feasibility study us500000
upon the commencement of construction of plant us1200000
a potential claim for an unspecified sum for breach of contract has been notified to the company in respect of a dispute with celestial 
nickel mining exploration corporation the directors are firmly of the opinion that the claim is without foundation and no provision has 
been made in these accounts in respect of this
32post balance sheet events
subsequent to 31 march 2008 the company generated proceeds of £555907 from the sale of noncore listed investments in addition the 
company has advanced a further
• £271740 us536312 to berong nickel corporation as an interest free unsecured advance under the berong venture agreement
• £121248 us238799 to atlas consolidated mining and development corporation under the loan facility with that company to meet that 
company’s share of berong project expenditure and
• £655203 us1333703 to brooks nickel ventures incunder the loan facility with that company to meet that company’s share of ipilan 
project expenditure
on 27 june 2008 european nickel plc acquired a 193 interest in the company this acquisition included the entire holding of 115 of 
natasa mining limited formerly investika limited and the entire holding of 52 of c kyriakou 
following the acquisition by european nickel plc of its 193 holding there was a restructure of the board of directors with the effect that 
c kyriakou r cleary and r shakesby resigned as directors on 27 june 2008 on the same date simon purkiss and felix pole were 
appointed as directors of the company 40 toledo mining corporation plc
annual report 2008
notes to the financial statements
for the year ended 31 march 2008
33 financial assets and liabilities
the group’s financial instruments comprise cash and cash equivalents loan investments and financial assets and various items such as 
trade receivables trade payables accruals and prepayments that arise directly from its operations
the main purpose of these financial instruments is to finance the group’s operations
the board regularly reviews and agrees policies for managing the level of risk arising from the group’s financial instruments these are 
summarised below
credit risk 
credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company and 
group and arises principally from the consolidated entity’s loan receivables which are considered by the directors to be recoverable in full
the carrying amounts of the financial assets recognised in the balance sheet best represents the company and group’s maximum 
exposure to credit risk at the reporting date in respect of certain of the loans receivable the amounts are repayable from the borrower’s 
share of cash flows from the related mining projects see note 15 no other collateral or security is held by the company or group in 
respect of these assets the credit quality of all financial assets that are neither past due nor impaired is appropriate and is consistently 
monitored in order to identify any potential adverse changes in credit quality there are no financial assets that have had renegotiated 
terms that would otherwise without that renegotiation have been past due or impaired
liquidity risk
liquidity risk is the risk that the company and group will not be able to meet its financial obligations as they fall due 
the company and group’s policy throughout the year has been to ensure that it has adequate liquidity to meet its liabilities when due by 
careful management of its working capital
the following are the contractual maturities of financial liabilities
carrying 3 months greater than
group amount cash flows or less one year
31 march 2008 ££££
trade and other payables 271720 271720 271720 —
project expenditure commitment 351050 351050 — 351050
tax liabilities 171583 171583 171583 —
794353 794353 443303 351050
carrying 3 months greater than
group amount cash flows or less one year
31 march 2007 ££££
trade and other payables 464626 464626 464626 —
project expenditure payables 636473 636473 636473 —
project expenditure commitment 555693 555693 — 555693
tax liabilities 2929 2929 2929 —
1659721 1659721 1104028 555693 41 toledo mining corporation plc
annual report 2008
33 financial assets and liabilities continued
contractual maturities of financial liabilities
carrying 3 months greater than
group amount cash flows or less one year
31 march 2008 ££££
trade and other payables 227908 227908 227908 —
project expenditure commitment 351050 351050 — 351050
tax liabilities 171583 171583 171583 —
750541 750541 399491 351050
carrying 3 months greater than
group amount cash flows or less one year
31 march 2007 ££££
trade and other payables 463973 463973 463973 —
project expenditure payables 636473 636473 636473 —
project expenditure commitments 555693 555693 — 555693
tax liabilities 2929 2929 2929 —
1659068 1659068 1103375 555693
market risk
market risk is the risk that changes in market prices such as commodity prices foreign  exchange rates interest rates and equity prices 
will affect the company’s and group’s income or value of it’s holdings in financial instruments
commodity price risk
the principal activity of the company and the group is the development of nickel mining properties in the philippines and the principal 
market risk facing the group is an adverse movement in the commodity price of nickel
any long term adverse movement in this price would affect the commercial viability of the mining properties and hence the value of 
investments by the company and the group as a whole
foreign currency risk – the group undertakes transactions principally in sterling and us dollars while the group continually monitors its 
exposure to movements in currency rates it does not utilise hedging instruments to protect against currency risks the main currency 
exposure risk to the company is in relation to the us dollar loan investments which are repayable in us dollars
interest rate risk – the group utilises cash deposits at variable rates of interest for a variety of short term periods depending on cash 
requirements the rates are reviewed regularly and the best rate obtained in the context of the group’s needs  33 financial assets and liabilities continued
extent and nature of financial instruments
the financial assets and liabilities held by the company and group at the period end are shown below together with their fair values 
fair values have been arrived at after due and careful consideration by the company’s directors 
carrying amount net fair value carrying amount net fair value
31 march 31 march 31 march 31 march 
2008 2008 2007 2007
group assets ££ ££
loans and receivables 7625613 7625613 4941794 4941794
trade and other receivables 606101 606101 528732 528732
taxation 23928 23928 ——
current investments 413616 413616 915568 915568
short term deposits 4965103 4965103 6915103 6915103
cash at bank and in hand 493159 493159 1116188 1116188
14127520 14127520 14417385 14417385
carrying amount net fair value carrying amount net fair value
31 march 31 march 31 march 31 march 
2008 2008 2007 2007
group liabilities ££ ££
trade and other payables 271720 271720 464626 464626
project expenditure commitment 351050 351050 555693 555693
project expenditure payables —— 636473 636473
taxation 171583 171583 2929 2929
794353 794353 1659721 1659721
carrying amount net fair value carrying amount net fair value
31 march 31 march 31 march 31 march 
2008 2008 2007 2007
company assets ££ ££
loans and receivables 7625613 7625613 4941794 4941794
trade and other receivables 216222 216222 446184 446184
taxation 23928 23928 ——
current investments 413616 413616 915568 915568
short term deposits 4965103 4965103 4965103 4965103
cash at bank and in hand 284431 284431 3065665 3065665
13528913 13528913 14334314 14334314
carrying amount net fair value carrying amount net fair value
31 march 31 march 31 march 31 march 
2008 2008 2007 2007
company liabilities ££ ££
trade and other payables 227908 227908 463973 463973
project expenditure commitment 351050 351050 555693 555693
project expenditure payables —— 636473 636473
taxation 171583 171583 2929 2929
750541 750541 1659068 1659068
capital management
the company’s capital consists wholly of ordinary shares there are no other categories of shares in issue and the company does not use 
any other financial instruments as capital substitutes or quasi capital the company manages its issued capital by considering future 
capital requirements of the group which are largely dictated by the exploration and development of the mining properties in the philippines 
and the head office overhead costs of the company in london the company’s board of directors as a whole manages the capital by 
considering the need to raise further capital to meet the above costs on a rolling 12 month basis so as to enable the accounts to be 
prepared on a going concern basis but without unnecessary dilution of existing shareholder interests the board always place a priority 
on maximising the return to existing shareholders before raising further capital
there are no externally imposed capital requirements on the company
details of the ordinary share capital are set out in note 24
notes to the financial statements
for the year ended 31 march 2008
42 toledo mining corporation plc
annual report 2008 43 toledo mining corporation plc
annual report 2008
34associate undertakings
the company has equity holdings in the following associate undertakings
tmm ulugan nickeline 
management resources ulugan nickel resources nickel laterite berong nickel ipilan nickel 
inc holdings inc corp holdings inc resources inc corp corp
direct 40 30 40 40 20 213 40
indirect — — 18 18 — 348 12
total 40 30 58 58 20 561 52
the principal place of business and country of incorporation of the associate undertakings is the philippines
summarised results of the associate undertakings as translated in sterling are as follows
berong nickel ipilan nickel remaining 
corporation corporation associates total
year ended 31 march 2008 ££££
revenue 12156404 — 55375 12211779
profit  loss for the year 4721657 12469 13360 4720766
total assets 12932631 4172280 1694733 18799644
total liabilities 5323397 390061 1352296 7065754
year ended 31 march 2007 ££££
revenue 2910323 — 13926 2924249
profit  loss for the year 566039 59829 15517 490693
total assets 9797642 1518015 227332 11542989
total liabilities 7692443 140901 68571 7901915
35 operating lease commitments
the company and group had outstanding operating lease commitments falling due as follows
2008 2007
land and buildings £ £
within one year 76895 76895
within 2 – 5 years 76895 153790
total 153790 230685 44 toledo mining corporation plc
annual report 2008
directors
reg eccles nonexecutive chairman
george bujtor chief executive officer
felix pole nonexecutive director
simon purkiss nonexecutive director
secretary
jonathan reynolds
registered office
ground floor 11 albemarle street 
london w1s 4hh
nominated adviser
ambrian partners limited
old change house
128 queen victoria street
london ec4v 4bj
broker
ambrian partners limited
old change house
128 queen victoria street
london ec4v 4bj
solicitors
beshoffs solicitors
12 walker avenue 
stratford office village
wolverton mill
milton keynes mk12 5tw 
auditors
sawin  edwards
15 southampton place
london wc1a 2aj
principal bankers
coutts  co
188 fleet street
london ec4a 2ht
registrars
capita irg plc
bourne house
34 beckenham road
beckenham
kent br3 4tu
corporate directory design and production
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telephone 020 7566 0190
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environmental management system toledo mining corporation plc
london
ground floor
11 albemarle street
london 
w1s 4hh
united kingdom
t 44 0 20 7514 1480
f 44 0 20 7514 1486
e infotoledominingcom
philippines
third floor philam building
100 c palanca street
cor dela rosa street
legaspi village 1229 
makati city
metro manila
the philippines
t  63 2 817 7104
f  63 2 817 2357
e infotoledominingcom 


Summary:
 chairman‘s statement
it has always been your company’s intention to
maximise the value of its large nickel resource base
through product beneficiation it is very pleasing
therefore to report that shortly after the end of the
year under review we signed a memorandum of
understanding with jiangxi rare earth and rare
metals tungsten group a major state owned
chinese metals producer for the financing and
construction of a jointly owned nickel cobalt leaching
plant and associated refinery the leaching plant 
with an annual capacity of up to 40000 tonnes mixed
hydroxide product will be sited in the philippines and
will treat ore from our ipilan deposit located on the
east coast of palawan island the refinery will be
located in china 
as to the year under review the first year of full
operations at our berong nickel mine on the west
coast of palawan proved challenging for local
management in addition to learning to cope with the
impact of severe weather conditions on production
and shipping the market price for nickel more than
halved during the year and chinese demand for direct
shipping ore from the philippines declined significantly
in preference for higher grade indonesian ore 
fortunately the berong operations are in a near unique
position with a secure offtake contract with bhp
billiton for the supply of 500000 tonnes per annum
direct shipping ore to its nickel refinery in queensland
australia moreover should market conditions warrant
berong can produce and ship at least twice this
amount for negligible additional capital expenditure
meantime and as mentioned previously we continue
to progress our plans to add value to our large nickel
resources through beneficiation
an important development in this regard occurred in
june 2008 when we welcomed european nickel plc 
to our register as the single largest shareholder
193 and also as a partner 187 in berong nickel
corporation this followed a transaction between
european nickel investika ltd of australia and our
then chairman chris kyriakou 
our ultimate aim remains the same as
ever to maximise shareholder returns
from being a significant profitable
player in the nickel industry
04 toledo mining corporation plc
annual report 2008 our principal local philippine partner atlas consolidated
mining and development corporation signalled its
support for the european nickel transaction by
waiving its preemptive rights to investika’s interest in
berong nickel corporation atlas consolidated is a
major company in its own right and remains an
important and valued ally for toledo
european nickel has leading edge experience in the
heap leaching of laterite ores and is applying its
proprietary technology to the development of its caldag
nickel deposit in western turkey additionally the
company’s extensive exploration portfolio includes a
joint venture on rusina mining’s acoje nickel deposit in
the philippines where european nickel also operates
a leaching test facility
following european nickel’s purchase of its interest in
your company chris kyriakou bob cleary and roger
shakesby resigned as directors to be replaced by
simon purkiss and felix pole i would like to extend
my sincere thanks to messrs cleary and shakesby for
their contribution to the development of the company
and especially to chris kyriakou who as executive
chairman played a lead role in securing and developing
our nickel interests
simon purkiss is a cofounder and managing director
of european nickel simon is a metallurgical engineer
with over 25 years’ operational and management
experience in the metals industries with particular
emphasis on the mining and treatment of nickel
felix pole was a cofounder of european nickel and
remains advisor to that company felix has a broad
financial and industrial background including having
been a director of titan resources nl a nickel miner
which through pacific ore technology developed the
bioheap bacterial leaching process for nickel and
copper sulphide ores 
we are fortunate to be able to welcome simon and
felix to the board and we can only benefit from their
considerable industry specific experience and
demonstrated business acumen likewise i have no
doubt that european nickel will be a supportive and
beneficial shareholder  already the application of
european nickel’s leaching technology to berong’s
ore is under active investigation and a test program is
underway at european nickel’s philippine test facility 
our operating plan for the year ahead assumes that
the nickel price will remain around current levels and
that chinese demand for philippine direct shipping ore
will continue to be muted we will nonetheless
maintain continuous dialogue with our customer base
with a view to the profitable utilisation of presently
spare productive capacity at berong whilst at the
same time pursuing further sensible operating cost
reductions we will of course focus our efforts on
meeting our obligations under the recently signed
memorandum of understanding and we will progress
further value adding opportunities 
that we are able to move forward so positively is due
in no small measure to the efforts of our management
team and philippine workforce led most capably by
our chief executive george bujtor  thanks to them
we have managed not only to secure our operating
base in the philippines underpinned by the offtake
contract with bhp billiton but also taken a significant
step in adding value to our nickel resources through
beneficiation i wish to congratulate george and his
staff for this achievement
our ultimate aim remains the same as ever to
maximise shareholder returns from being a significant
profitable player in the nickel industry
reginald eccles
12 august 2008
berong operations are in a near unique position with a 
secure offtake contract with bhp billiton for the supply of 
500000 tonnes per annum direct shipping ore to its nickel 
refinery in queensland australia

500000
05 toledo mining corporation plc
annual report 2008
supervision of trucks at coastal stockpile area