AMN - NIGERIA – Zinc mining underway at Macy project

Symbol Mining has gained final approvals for the Macy Zinc Project in Nigeria and has started full-scale zinc and lead mining operations. The Mining Lease and Environmental Protection and Rehabilitation Plan approvals were granted by the Nigerian Mining Cadastral Office.

Macy forms part of the 510 square kilometre Imperial Joint Venture in which Symbol holds 60% with Nigerian-based Goidel Resources Limited holding the remainder.

Granting of the final two approvals follow several months of dedicated work by the JV team in partnership with an independent environmental group, local communities and wider stakeholder groups.

Other approvals granted for Macy are the Environmental Impact Assessment, the Community Development Agreement and the Land Use Agreement.

Symbol Mining CEO Tim Wither said receiving approval for the Mining Lease and commencing full-scale mining was a great accomplishment for all parties involved.

“Approval of the Mining Lease at Macy shows the ongoing support from the Nigerian Mining Cadastral Office in advancing the first industrial-scale mining operation in Nigeria for several years and we appreciate the effort from everyone involved.

“Mining has commenced, and after a relatively short development period of two months, Macy is expected to generate strong cashflow.

“This will fund the company’s exploration activities at both its Imperial and Tawny projects.”

Wither said the Imperial Joint Venture remained on track for its first shipment of high-grade zinc and lead product from the Macy project by the end of the third quarter of 2018.

“The Board looks forward to reporting further progress on this low-cost, low capex, high cashflow project.”

Symbol Mining is an Australian-based exploration and mining company, which has acquired significant and highly prospective tenements in Nigeria. The company is focused on exploration and commercialisation of high margin zinc and lead projects.

Symbol Mining also holds the Tawny exploration lease covering 7 square kilometres and which is highly prospective for lead and zinc. This project is a joint venture with Adudu Farms Nigeria Limited, which holds 40%.

www.symbolmining.com.au