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Galena Mining has new substantial holder and upcoming AGM

Earlier this month, construction commenced at the flagship Abra Base Metals Project.

Galena Mining Ltd - Galena Mining has new substantial holder and upcoming AGM
Surface infrastructure development activities have commenced at Abra

Galena Mining Ltd (ASX:G1A) has a new substantial holder in Bank of America Corporation with a 6.29% holding.

The new shareholder information comes one day after Galena lodged the notice for its annual general meeting (AGM), which will be held in West Perth on Friday, 8 November 2019.

Project construction commences at Abra

A feasibility study on Galena’s Abra Base Metals Project in Western Australia valued a 16-year lead-silver mine pre-tax at $553 million.

The study estimated Abra would produce 95,000 tonnes of lead and 805,000 ounces of silver per year for 1.24 million tonnes of lead and 10.6 million ounces of silver over the life-of-mine.

In early October 2019, project construction works commenced with activities including site clearing, roadworks, installation of water facilities and camp setup.

Galena continues to target initial production for Abra in 2021 and the first full year of steady-state commercial production in 2022.

Quick facts: Galena Mining Ltd

Price: 0.26 AUD

Market: ASX
Market Cap: $120.08 m

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