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Galena Mining non-executive director Jonathan Downes makes on-market acquisition

Downes has this week acquired 60,000 shares and now holds almost 13.223 million shares in direct and indirect interests.

Galena Mining Ltd - Galena Mining non-executive director Jonathan Downes makes on-market acquisition
The company is developing the Abra Base Metals Project in Western Australia

Galena Mining Ltd (ASX:G1A) non-executive director Jonathan Downes has made an on-market share purchase which demonstrates his support of the company’s base metals strategy.

On March 10, 2020, Downes acquired 60,000 shares valued at almost $12,000 for an indirect interest.

He now holds 800,000 shares in a direct interest and almost 12.423 million in two indirect interests.

Fellow director buys-up

This purchase follows two on-market transactions this month by fellow non-executive director Stewart Howe.

On March 9 Howe acquired 55,000 shares increasing the total held in a direct interest to 188,927 shares with another 253,498 shares held in an indirect interest.

This followed a transaction on March 6 in which Howe purchased more than 104,000 shares with a total value of almost $22,500.

EPC contract awarded

Last month Galena awarded an engineering, procurement and construction (EPC) contract for the proposed processing plant at its flagship Abra Base Metals Project in Western Australia.

Under the contract, GR Engineering will produce a 1.2 million tonnes per annum lead sulphide flotation process plant and ancillary infrastructure.

The EPC contract is in the form of a guaranteed maximum price (GMP) contract valued at around $74 million.

Any costs saved below the GMP level will be shared between Galena and the contractor.

Certain components of the EPC work up to a capped exposure level have started, however, the main EPC contract remains conditional on financial close of proposed project financing debt facilities.

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

Quick facts: Galena Mining Ltd

Price: 0.305 AUD

Market: ASX
Market Cap: $141.17 m

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on 16/11/20

2 min read