Alexander Molyneux

Galena Mining has appointed former Paladin Energy Chief Executive Officer Alex Molyneux as its Managing Director and Chief Executive Officer with effect from the 1st of September 2018 as the company moves towards becoming a base metals producer. Current Chief Executive Officer Ed Turner will remain as the company’s General Manager of Geology and Exploration from the same date.

Galena Mining has reported some outstanding results for its Abra lead/silver project PFS, showing an initial 14 year mine life and a pre-tax NPV of A$528m, $134m more than previously thought. Galena says Abra will churn out an impressive A$97m worth of free cash annually after 2022. The company also reported a maiden ore reserve of 10.2 million tonnes grading 8.1% lead and 20g/t silver this week.

Galena Mining has kicked off a definitive feasibility study for its flagship Abra lead-silver project located north of Meekatharra just weeks after unveiling its PFS that highlighted an impressive pre-tax NPV of $528m. The study is expected to be completed in mid-2019 and the company is also on track to start construction in 2019 with initial production expected in 2021.

Base metal developer Galena Mining has taken the prudent step of separating its non-core exploration assets into a new entity, Metal Range Limited, so it can fully focus on developing the flagship Abra project in WA into construction during 2019. The new company will pick up the Woodlands complex, Manganese Ridge and Quartzite Well exploration prospects, which are variously mineralised with lead, zinc, copper, silver, gold and manganese.

Galena Mining says that a combination of higher lead/silver resource and reserve ore grades and reduced development costs at its Abra deposit, have the potential to materially improve the economic outcomes for the project. The company will complete an interim update of the PFS early next year, ahead of the release of its DFS for the underground base metal mining project in the middle of 2019.