Symbol Mining Ltd.'s administrators sold the company's 60% stake in the Imperial zinc-lead-silver joint venture in Nigeria to the company's largest shareholder and unsecured creditor, Noble Group Ltd., according to a Sept. 18 news release.
The sale was made in exchange for a partial reduction of the administrators' loan in the amount of US$300,000 and release of the company's obligations to Noble Group and the Imperial joint venture.
The administrators, appointed in mid-June, entered into a funding agreement with Noble Group allowing Symbol Mining to meet its ongoing operational expenses for four weeks, according to a June 26 release.
The administrators are now looking to recapitalize the company and sought expressions of interest from parties.
Symbol still has a 60% interest in the Tawny zinc-lead-silver project in Nigeria.
