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Australian miner secures $90M investment for lead-silver project
Funds for project Australia’s Galena Mining has secured an invest-ment $90 million in project equity from Japanese lead and zinc smel-ter Toho Zinc. The smelting company will acquire a 40% ownership interest in Galena’s subsidiary AMPL which owns the lead-silver Abra Base Metals Project in Australia’s western Gascoyne region.
“This is a great transaction that provides the equity required to de-velop Abra, recognising the strategic value of the Project. Further-more, Toho is a key player in the global lead and zinc industry and an experienced miner so we look forward to the benefits of a true partnership in the development of Abra,” Alex Molyneux, the manag-ing director of Galena Mining, was quoted in a statement.
Galena says it aims to launch the construction of Abra in 2019, with initial production in 2021