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Galena Mining substantial holder UBS Group AG increases stake to 6.31%

Construction work by Abra Mining Pty Limited at the project in WA’s Gascoyne region is 9% complete.

Galena Mining Ltd - Galena Mining substantial holder UBS Group AG increases stake in the company to 6.31%
The Abra Base Metals Project is a globally significant lead-silver project in the Gascoyne region of WA

Galena Mining Ltd (ASX:G1A) substantial holder UBS Group AG and its related bodies have increased their stake in the company to 6.31% from 5.13%.

On April 23 UBS Securities Australia Ltd acquired shares in the company, increasing its total number of securities held after the change to more than 24.32 million.

Abra progress

The company is progressing with the construction of Abra Base Metals Project in WA’s Mid-West with the box-cut for the underground mine completed.

This work by a third-party mining contractor means that the construction by Abra Mining Pty Limited (AMPL), the joint venture company for the project, is 9% complete.

Having completed the box-cut work, the surface mining contractor has demobilised from the site.

"Site is de-risked"

Galena’s managing director Alex Molyneux said recently: “Abra construction is now 9% complete and site is de-risked for full construction.

“Progress on debt financing has been slowed down by COVID-19 but we’re in robust financial shape and have been careful not to commit beyond our means.”

Abra’s box-cut is about 190 metres long (north-south) to a depth of 25 metres and an average width of about 45 metres (east-west).

The southern wall that is the base of the box-cut is the location of the future main portal for the underground mine decline.

Quick facts: Galena Mining Ltd

Price: 0.23 AUD

Market: ASX
Market Cap: $92.74 m

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