Investika says production ramp-up at Philippines nickel project continues

http://www.forbes.com/markets/feeds/afx/2007/08/30/afx4067548.html

08.30.07, 7:25 AM ET

LONDON (Thomson Financial) - Investika Ltd said production ramp-up at its Berong nickel project on the island of Palawan, Philippines, to the export target for 2007 is continuing, although it is experiencing some difficulties with equipment availability.

Investika, an investment company in the mining finance industry, said production and shipping is heavily dependent upon weather patterns and rainfall levels, which are expected to increase over the third quarter.

The company reported a first-half pretax loss of 130,050 aud, compared with a profit of 2.22 mln aud last year.

Of the comparative profit, about 3.05 mln aud related to a gain arising from the dilution of its interest in Belitung Zinc Corp PLC from 100 pct to 42.5 pct, the company said.

TFN.newsdesk@thomson.com