- Write by:
-
Wednesday, July 8, 2020 - 12:10:52 PM
-
768 Visit
-
Print
Mining News Pro - Galena Mining has raised $12 million to advance its Abra base metals project in the Gascoyne region of Western Australia.
The share placement will be used for optimisation drilling at the Abra project, which will move the project forward towards commencing underground mining.
It will also see Galena drill a gold and copper zone at Abra for the first time, while maintaining a strong working capital position.
“The strong institutional support for the placement is a testament to Abra’s appeal as a low risk, high return base and precious metals project. We look forward to progressing optimisation works parallel with the debt financing process before mining commences,” Galena managing director Alex Molyneux said.
Galena credited the share placement for creating a “strong financial platform” to also complete the debt financing process at the Abra project.
Abra is a lead-silver project that is 86.16 per cent owned by Galena, which has completed a bankable feasibility study for a mine and processing facility at the site.
The site has been given a 16-year life to produce high-grade lead-silver concentrate. Galena estimates Abra will produce 95,000 tonnes of lead and 805,000 ounces of silver per year when operating at its full capacity.
Short Link:
https://www.miningnews.ir/En/News/561995
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
No comments have been posted yet ...