LONDON--Toledo Mining Corporation PLC (TMC.LN), which is focused on the mining and development of nickel laterite deposits in the Philippines, said Monday it has entered into a memorandum of understanding, or MOU, with DMCI Mining Corporation, a wholly owned subsidiary of DMCI Holdings Inc. (DMC.PH), to sell 31% of Nickeline Resources Holdings Inc, or NRHI, for 6.552 million dollars.

MAIN FACTS:

-NRHI holds 60% of Berong Nickel Corporation, or BNC.

-Consideration from the sale will be applied by Toledo to the funding of the acquisition of ENK PLC's direct 18.7% stake in BNC which was announced June 29.

-Shares at 0740 GMT up 1 pence, or 1.96%, at 26 pence valuing the company at 12.71 million.

-Write to Ian Walker at ian.walker@dowjones.com

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