📉 Nikkei is down nearly 5% -> here are 43 recession-proof Japanese stocks from our screenerUnlock Now

Galena Mining sets daily production records at Abra Mine after production re-start

Published 17/05/2023, 10:59 am
Galena Mining sets daily production records at Abra Mine after production re-start

With its Abra Mine setting several daily production records this week during production ramp-up, Galena Mining Ltd (ASX:G1A) has swiftly made up for lost time after a significant rainfall event caused a stoppage.

The mine and plant have operated continuously at increasing production levels since resuming on May 3 and are now exceeding expected daily targets for steady-state production.

Fast pace of production

On May 15 alone, the underground mine delivered 4,030 tonnes, or 1.47-million tonnes per annum equivalent to the ROM pad, the crusher achieved a daily throughput of 4,137 tonnes (1.51 million tonnes per annum equivalent) and the mill processed 3,674 tonnes (1.34 million tonnes per annum equivalent) – all on the same day.

While these levels are only short-term measurements at this stage, they compare favourably to previously stated annual production targets based on 1.30 million tonnes per annum.

The mine remains on track to achieve its May production plan and the next concentrate shipment of around 5,000 tonnes is scheduled for May 25-28, with more than 3,000 tonnes of concentrate stocks produced month to date.

Managing director Tony James said: “It’s pleasing to see Abra respond after the stoppage.

“These daily production rates show that the mine has the instantaneous capacity to deliver on its production targets.

“The next step is to deliver these levels of performance on a consistent basis as we continue to transition to steady-state as quickly as possible.”

About Abra Base Metals Mine

The Abra Base Metals mine, which is 60% owned by Galena, is a globally significant lead-silver project in the Gascoyne region of Western Australia, between the towns of Newman and Meekatharra, some 110 kilometres from Sandfire’s DeGrussa Project.

In 2019, Galena produced a robust definitive/bankable feasibility study 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 was completed in December 2022, with the first concentrate produced in the first quarter of 2023.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.