Galena Completes US$20M Third Drawdown Under Abra Debt Facilities

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that Abra Mining Pty Limited (“AMPL”), the joint-venture company for the Abra Base Metals Mine (“Abra” or the “Project”) has received US$20 million following completion of the third drawdown of the Taurus Debt Facilities (see Galena ASX announcements of 12 November 2020 and 15 June 2021 for more information on the terms of the Taurus Debt Facilities).

Managing Director, Tony James commented, “The receipt of the US$20 million third drawdown from Taurus signifies another milestone achieved at Abra. The mine continues to be on track to deliver first commercial production of our high-value, high-grade lead-silver concentrate in the first quarter of 2023. We have a strong and positive working relationship with Taurus, and we appreciate their continued support and assistance with the development of Abra”

Figure 1 shows the Abra processing plant construction activities in May 2022. Commencement of structural steel installation for the crusher and mill areas in front of the completed fine ore bin (FOB).

With the US$20 million third drawdown, a total of US$85 million has been drawn under the Taurus Debt Facilities and US$25 million of funding remains undrawn (equivalent to A$35 million at current exchange rates).

The Taurus Debt Facilities are secured against Abra Project assets and over the shares that each of Galena and Toho own in AMPL, and additional drawdowns remain subject to satisfaction of customary conditions precedent.

The Board of Directors of Galena authorised this announcement for release to the market.

For further information contact:

Galena Mining Ltd.

Tony James
Managing Director

Click here for the full ASX Release

This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.