Nickel Asia reports P500M damage from rebel raid

MANILA, Philippines—Nickel Asia Corp. disclosed to the Philippine Stock Exchange Wednesday that its subsidiary Taganito Mining Corp. (TMC) suffered P500 million worth of damage to property and equipment from Monday’s attack by communist rebels on its facilities in Claver, Surigao del Norte.

The company said that TMC has resumed mining operations and that it did not expect a significant reduction in its shipments for the year.

Damage to the adjacent nickel processing plant under construction was being assessed and was expected to be minimal, the disclosure said.