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 Project (“Abra” or the “Project”) has received US$35 million following completion of the second 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$35 million second drawdown from Taurus is another milestone on our pathway to first commercial production of high-value, high-grade lead-silver concentrate from Abra in the first quarter of 2023. We appreciate Taurus’ continued support for us as our debt funding partner.”

With the US$35 million second drawdown, a total of US$65 million has been drawn under the Taurus Debt Facilities and US$45 million of funding remains undrawn (equivalent to A$62 million at current exchange rates), made up of:

  • US$35 million Project Finance Facility; and
  • US$10 million Cost Overrun Facility.

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.

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.

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