Nickel Asia Corp. (NIKL) said that it is suspending its mining operations and nickel ore loading activities at its Taganito Mine Corp. subsidiary in Claver, Surigao del Norte after it was “occupied” by an armed group of men. Pieces of mining equipment were reported burned and destroyed.

Communist rebels were said to be behind the series of attacks on mining operations in the province. The suspension of mining operations is a big blow for NIKL. It is expecting a significant increase in nickel sales and shipment of 10m tons of ore to China this year on the back of record demand and rising metal prices. Nickel Asia, partly owned by Japan's Sumitomo Metal Mining Co Ltd , did not say when the Taganito mine at Claver town in Surigao del Norte province in southern Philippines will reopen.

Avoid or buy back at price 15 range, but let's not forget that this company have been performed well for the past years. Taganito mine is not the only operated area focused by NAC. I think, we'll just need to be watchful and wait for a better entry points.

source-, philstock,,