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Galena Mining board members buys more shares on-market

Galena is progressing the planned development of its flagship Abra Base Metals Project in Western Australia.

Galena Mining Ltd - Galena Mining board members buys more shares
Shares in the company last traded at 16 cents

Galena Mining Ltd (ASX:G1A) non-executive director Jonathan Downes has purchased another 40,000 shares on-market.

The $8,300 purchase increases his overall holdings to 13.24 million shares.

The purchase adds to 60,000 shares acquired by Downes earlier this month valued at almost $12,000.

Progressing development of Abra Project

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.

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: 0.23 AUD

Market: ASX
Market Cap: $91.35 m

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Full interview: Galena Mining ramps up surface infrastructure development at...

Galena Mining Ltd (ASX:G1A) managing director Alex Molyneux updates Proactive on increased surface infrastructure development activities at the Abra Base Metals Project in the Gascoyne region of WA. This forms part of a $15 million development works program. The work is being done prior to...

on 10/10/19

2 min read