macy

ASX-listed Symbol Mining has announced its maiden shipment of 250 tonnes Direct Shipping Ore from the Macy Mine in Nigeria has been loaded for transport.

The 250-tonne shipment consists of 10 containers that will be transported by truck to Lagos Port for export clearance and is expected to depart early December 2018.

The first shipment represents a great achievement by the Symbol and Imperial Joint Venture team, who have now proven the capability to deliver the Macy Mine project in a short start-up period.

Symbol Mining CEO, Tim Wither comments:

“Although a modest maiden shipment, ramp up to a steady state should come with relative ease as the mine deepens into more consistent high-grade material and the processing and logistic channels stabilise.

“The team should be very proud of the effort to date and demonstrates our capability to build a successful, viable mining operation in emerging Nigeria.

“We now look forward to restarting our exploration program,”continues Wither.

The first shipment is underway, one month after the commissioning of processing plant and within expected commissioning grades.

Mining is progressing above expectations and there has been very positive   signs with processing head grade achieving Macy’s resource grade expectations, as the mine develops deeper towards higher grade resource mineralisation.

Over the coming months, the Macy operations will continue to ramp up processing operations to the expected monthly production of 4,500 tonnes of high-grade DSO zinc and separate lead saleable products.

The company is currently finalising with its off-take partner Noble Resources International a Free on Board sales contract with an 85% prepayment to occur within five days of loading onto the vessel, with the company receiving first revenue in December 2018.

Final payment will  be determined during a three-month quotational period and independent analysis.