PERTH (miningweekly.com) – ASX-listed Galena Mining has completed the first $30-million drawdown from a $110-million debt facility secured last year from Taurus Funds Management, to fund production at the A$170-million Abra base metals joint venture, in Western Australia.
A final investment decision on the Abra project was taken earlier this month.
The 1.2-million-tonne-a-year Abra project will require a capital spend of some A$170-million to develop, and will produce some 95 000 t/y of lead and 805 000 oz of silver over a 16-year mine life.
“The receipt of the first $30-million drawdown from Taurus is an important milestone for our pathway to first production of high-value, high-grade lead/silver concentrate from Abra in the first quarter of 2023,” said Galena MD Tony James.
“We appreciate the great relationship we have with Taurus as a funding partner.”
Following the initial $30-million received, a further $80-million in funding remains under the Taurus debt facilities, made up of $70-million in a project finance facility and a further $10-million cost overrun facility.