Galena Mining Ltd (ASX:G1A) joint venture company Abra Mining Pty Limited (AMPL) has received US$20 million following completion of the third drawdown of the Taurus Debt.
AMPL is the joint venture operator for the Abra Base Metals Mine, which is 60% owned by Galena.
The Abra Base Metals Mine is a globally significant lead-silver project in the Gascoyne region of Western Australia (between the towns of Newman and Meekatharra, approximately 110 kilometres from Sandfire’s DeGrussa Project).
Galena completed an outstanding definitive/bankable feasibility study in 2019 for development of an underground mine and processing facility to produce a high-value, high-grade lead-silver concentrate.
A ‘final investment decision’ to complete the project was made in June 2021 and construction is ongoing to reach first commercial production in the first quarter of 2023.
G1A managing director Tony James said: “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.”