PERTH (miningweekly.com) – Base metals developer Symbol Mining has started mining at its Macy high-grade zinc project, in Nigeria, after receiving final approval for its mining lease.
The company on Friday said that the mining lease and environmental protection and rehabilitation plan approvals concluded several months of dedicated work by the joint venture, in partnership with an independent environmental group, local communities and wider stakeholder groups.
“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,” said Symbol CEO Tim Wither.
“Mining has now commenced and after a relatively short development period of two months, Macy is expected to generate strong cash flow, funding the company’s exploration activities at both its Imperial and Tawny projects.”
The Macy deposit lies within the Imperial project, in which Goidel Resources holds a 40% interest. Macy has an indicated and inferred resource of 132 700 t, grading 18.3% zinc and 2.1% lead.
A May scoping study estimated that Macy would require a capital spend of $3.2-million to start production, and could produce 38 100 t of shippable product and 6 950 to of mixed product over an initial mine life of 12 months, generating some A$20.3-million in free cash flow.
First shipment from the Imperial project is expected by the third quarter of this year.