Lead and silver miner Galena Mining has made a positive debut on the Australian share market, with its shares gaining 20 per cent.
The company owns the Abra lead and silver project in central Western Australia, one of the largest lead-silver deposits in the world, and wants to develop it into a mid-sized, high grade and high margin operation.
Galena acquired the project - previously the lead asset of Abra Mining, which was acquired by Chinese company HNC in 2011 for $100 million - for $3.5 million.
The miner raised $6 million in its oversubscribed initial public offer of 30 million shares.
Galena shares closed at 24 cents, up from their issue price of 20 cents, with 3.7 million shares changing hands.
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