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Galena Mining appoints Alex Molyneux as MD as it transitions to base metal producer

The company anticipates Molyneux, an experienced mining industry executive and financier, will create significant value for its Abra project.

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Alex Molyneux has been appointed Galena's managing director and CEO

Galena Mining Ltd (ASX:G1A) has appointed Alex Molyneux as managing director and chief executive officer, effective from September 1, 2018.

The appointment is seen by the company as a key element of its strategy to transition towards becoming a major base metals producer.

Outgoing chief executive officer Ed Turner will remain with Galena in the capacity of general manager of geology and exploration.

Galena is developing the Abra Lead-Silver Project in Western Australia, which a recently completed scoping study has confirmed as an economically and technically robust opportunity with potential to become a long-life, high margin base metals mine.

 

Galena non-executive chairman Adrian Byass said he was very excited Molyneux had agreed to join and lead the team.

Byass said: “[Molyneux] has substantial experience in major mine development and has run complex 1,000-plus public mining companies.

“[He] also has extensive relationships within the institutional investor and banking communities and this will be important to develop Abra on the best terms possible which create greater value for existing shareholders.”

READ: Galena Mining intersects more high grade lead and silver at Abra

Molyneux recently completed three years as chief executive officer of Paladin Energy Ltd (ASX:PDN), one of the world’s largest uranium companies.

In his role at Paladin, Molyneux oversaw a US$700 million successful recapitalisation of the company, including raising US$115 million in new capital and a re-listing on the ASX.

Prior to Paladin, Molyneux worked for around 5 years with Ivanhoe Mines Group and Ivanhoe Energy in various leadership capacities, including chief executive officer and director of South Gobi Resources Ltd (TSE:SGQ).

Molyneux thanked Byass, Turner and the board for inviting him to join the team.

He commented: “In my 20-years in mining and mine finance, I have rarely seen a base metal project in a top-tier jurisdiction demonstrate the kind of economics as shown by the Abra scoping study.

“I look forward to being part of the delivery of the upcoming pre-feasibility study results and working with the team to continue their strong forward momentum.”

READ: Galena Mining expects to finish drilling Abra in Western Australia as study nears completion

Molyneux’s engagement terms include the proposed grant of 16.5 million performance rights, which are subject to conditions that align with creation of shareholder value.

Commenting on the incentive package offered to Molyneux, Byass said: “[Molyneux’s] willingness to embrace these significant value-adding milestones as cornerstones to his renumeration package shows the confidence he has in their delivery.”

Galena expects to announce the results of the Abra pre-feasibility study in September.

Quick facts: Galena Mining Ltd

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ASX:G1A
Market: ASX
Market Cap: $99.96 m
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