Galena Mining

Galena Mining (ASX:G1A) announced that construction at its Abra base metals mine is already 78 percent complete as of July 31, 2022. CEO Tony James said the company has done a great job building the project.

James commented, “The project's 80 percent complete. I think a lot of people have been just sitting and watching how we would perform this year, a perceived difficult construction period. But we've done a great job, and people will suddenly realise that everything's on track.”

The Abra base metals mine is a high-grade lead-silver mine located in the highly prospective Edmund sedimentary basin in the Gascoyne region of Western Australia. The project is under full construction in 2022 and remains on target for first commercial production in January 2023.

The activities that have progressed include concrete works and structural steel installation, as well as the mechanical, piping and electrical fit-out stages. The flotation cells and drive mechanisms are currently in shipment and are expected to arrive by September. The mine’s regrind mill has been shipped from Germany to Melbourne.

In July 2022, Galena raised a AU$17 million buffer for Abra’s critical initial commissioning and ramp-up stages.

“We raised some money in late July, which serves as our reserve facility. It’s been put in place by the joint venture partners to look after our working cap and risk period, which is the first initial commissioning period of the project. We don't believe we need to raise any more money at this stage.”

“I think we've done a great job building this project, I think we're on top of our risk profile. And this project is going to go ahead. We'll start producing concentrate in January and start supplying the market. We're very confident.”

Watch the full interview of Galena Mining CEO Tony James above.

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