Symbol Mining Limited (ASX: SL1) informed the market that its high-grade zinc and lead Macy Project has received final approval of the Mining Lease from the Nigerian Mining Cadastral Office, and the company has started a full-scale mining operation. Further, the management stated that receiving approval for the Mining Lease and starting full-scale mining was a great achievement for all parties involved. In addition to this, the endorsement of Mining Lease at Macy shows the continuous help from the Nigerian Mining Cadastral Office in propelling the first industrial-scale mining operation in Nigeria for several years.
Although, mining has now started, and after a moderately short development in the period of two months, Macy is expected to generate strong cash flow. This will help to fund the Company’s exploration activities at both its Imperial and Tawny projects.
At last, the Imperial Joint Venture stays on track for its first shipment of high-grade zinc and lead product from the Macy Project by the end of the Q3FY18, and the Board anticipates to announcing further progress on low Cost, low Capex, high cash flow project.
With this new, the share price climbed up 24.138 per cent on July 06, 2018 with the trading volume of more than 48 million.
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