₦airaland Forum

The 250-tonne shipment is spread across 10 containers and pending export clearance it is expected to depart on a vessel within days.

The first cargo caps off a rapid start-up for the 60%-owned Imperial joint Venture with Goidel Resources (40%), which began commissioning the processing plant just a month ago and started mining in May.

CEO Tim Wither said the modest maiden shipment marked the beginning of a ramp up to steady-state production of 450,000t per month of DSO zinc plus a saleable lead product.

He expected the mine would quickly reach more consistent high-grade material as the pit deepened beneath historical artisanal workings that have diluted the upper ore zones, and as processing and logistic channels were bedded-down.

Macy is the first industrial-scale mining operation opened in Nigeria for several years.

Mining rates were said to be above expectations, and there had been positive signs with head grades meeting expectations.

The project is based on a mid-year scoping study that predicted a A$20 million cash flow for the 12-month life-of-mine based on the production of 38,100t comprising 28,250t zinc, 2,900t lead and 6,950t of mixed product.

Capital requirements for development were just $3.8 million.

Symbol is finalising a sales contract with an off-take partner and cornerstone shareholder Noble Resources with an 85% pre-payment expected within five days of the Lagos loading, generating Symbol’s first revenue.

The orebody has the maiden resource of some 114,000 tonnes at 23% zinc and 9200t at 30.6% lead based on drilling conducted in 2015 to 60m, and remains open at depth and to the north.

Symbol shares (ASX: SL1) were up 4.6% to A2.3c, valuing the company at $13.4 million.

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Source: https://brandspurng.com/2018/11/28/symbol-exports-first-zinc-from-nigeria-mine/amp/

Good to see the mine coming along. Jr minors are winning in Nigeria. If only there were more rails to move the material instead shipping it by truck.

Ok

.....Resuscitative phase of the nation.
God help us.God help our children

Sai Baba

A welcome development.

And atikulators are saying pmb isn't working

NEXT LEVEL PLZ !!

God bless Nigeria!

Buhari is a blessing to Nigeria

Hopeit is a joint venture with the FG and 60% goes into the national coffers, Not just ND resource that is good for sharing

Jonathan did very well as President

Why am i surprised by the news...anything to prepare the ground for Ambode to become Minister of Mines and Steels just in case...

great news

The comments on this post won’t be much

Elijahrona:
Where them dey export am go? Like the destination

China and Europe.

okay ooo... this should not be news...there are smaller mines and investors who have the technical knowledge of this metals but they aren't given this publicity...

Sooner than later people will see the good work of Buhari in more sectors

NEXT LEVEL

emmanuelpopson:
okay ooo... this should not be news...there are smaller mines and investors who have the technical knowledge of this metals but they aren't given this publicity...

Post about them then. Its not hard to generate attention about mining opperation. The state and federal government will gladly broadcast it just have a feather in cap.

tempest01:
Hopeit is a joint venture with the FG and 60% goes into the national coffers, Not just ND resource that is good for sharing

Its not a joint venture with FG. I dont know about 60% for mineral mines. They have another set of taxes and royalties.

Diversification in good progress. Still has a long way to go but kickstarting is important. Thank you Bubu for stubbornly sticking to the fact that we must change our tragic mono-product economy madness.

But what keep baffling me is how 16 years of PDP with world class economists like Ngozi Okonjo Iweala in charge of the economy did not witness diversification of the economy. A big disappointment to say the least.

a country that takes pride in pencil manufacturing and can't do without oil? even at that the leaders still steal the money?
God after all this struggle lemme come to heaven the angel doing dispatch will see something nice

Bad news! Why should it be exported out of the country? Can't we add value to it in Nigeria? Which kind of rubbish are we doing in this country?

viktohmarkz:
a country that takes pride in pencil manufacturing and can't do without oil? even at that the leaders still steal the money?
God after all this struggle lemme come to heaven the angel doing dispatch will see something nice

You've been conned... Heaven is imaginary

Nukilia:
Bad news! Why should it be exported out of the country? Can't we add value to it in Nigeria? Which kind of rubbish are we doing in this country?

Why shouldn't a jr mining company sell ore to their buyers? The demand for product is outside the country afterall. I agree with we should add value. Now go smelt the ore for them.

Diagram of their business plan below.

Location of mine Vague story

Blue3k2:
Post about them then. Its not hard to generate attention about mining opperation. The state and federal government will gladly broadcast it just have a feather in cap.



Its not a joint venture with FG. I dont know about 60% for mineral mines. They have another set of taxes and royalties.

are you an investor?
or you just wanna know what the sector is all about??

emmanuelpopson:
are you an investor?
or you just wanna know what the sector is all about??

No
Yes.

If you have more interesting updates about Jr minors in Nigeria post about it.

Blue3k2:
Source: https://brandspurng.com/2018/11/28/symbol-exports-first-zinc-from-nigeria-mine/amp/

CEO Tim Wither is all I need to see to know PMB has sold us to slavery again.

If true, then Nigeria is slightly getting back on track.kudos to the government