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Galena Mining board members buys more shares on-market

Published: 00:48 17 Mar 2020 GMT

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.

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