ASX-listed Symbol Mining, focused on base metal projects in Nigeria, has received final approval of the mining lease from the Nigerian Mining Cadastral Office for its high-grade zinc and lead Macy project.
Nigeria - The project, in which Symbol Mining owns 60% has now commenced with full-scale mining operations are now underway.
The mining lease and environmental protection and rehabilitation plan approvals conclude several months of dedicated work by the project’s joint venture team in partnership with an independent environmental group, local communities and wider stakeholder groups.
Symbol Mining CEO Tim Wither says receiving approval for the mining lease and commencing full-scale mining at the project 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," Wither notes.
"Mining has now commenced and after a relatively short development period, Macy is expected to generate strong cash flow, funding the company's exploration activities at both its Imperial (Macy) and Tawny (also in Nigeria) projects.
"The joint venture remains on track for its first shipment from the high-grade Macy project by the end of the third quarter, and the board looks forward to reporting further progress on this low-cost, low capex, high cash flow project," Wither concludes.