Widespread lifts guidance

Investment company Widespread Portfolios has lifted its "don't sell" guidance to shareholders after developments at a Vietnamese nickel mine were reported.

Ban Phuc Nickel Mines is a 90 per cent-owned subsidiary of Asian Mineral Resources (AMR), in which Widespread has a 6.9 per cent shareholding.

That stake represents 62.2 per cent of Widespread's total assets.

AMR announced that the Vietnamese Ministry of Industry and Trade had agreed that exports of nickel concentrate from the Ban Phuc project would be permitted for the five-year period from the beginning of production.

The previous approval was for the period to the end of 2013.

Widespread managing director Chris Castle said yesterday the move represented a significant advance by the Vietnamese Government towards restoring the viability of the Ban Phuc nickel mine.