2 ASX mining directors buying their company shares in the past fortnight

ASX mining directors at Galan Lithium and Genesis Minerals have declared recent purchases.

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Key points

  • ASX mining directors at Galan Lithium and Genesis Minerals have declared recent purchases
  • It's almost always a good sign when company directors spend their own money buying more shares in the businesses they run
  • One director spent just over $100,000 and the other spent just under $90,000

Two ASX mining directors have been splurging on their own company's shares in the past fortnight.

It's pretty much always a good sign when company directors spend their own money buying more shares in the businesses they run.

It signals their confidence in the future of the business — and they'd know better than us, right?

So, let's take a look at a couple of recent purchases made by these ASX mining directors.

Galan Lithium Ltd (ASX: GLN)

According to a notice lodged with the ASX, Galan Lithium managing director Juan Pablo Vargas de la Vega has been buying more stock in the ASX lithium miner.

He bought 115,000 shares on-market for a total sum of $104,556 on 14 July.

So, using a rough average estimate, he paid about 90.9 cents per share for his new Galan stock.

Galan Lithium shares fell 4.62% on Thursday to close at 82.5 cents.

The ASX mining stock is down 20% in 2023 so far.

Created with Highcharts 11.4.3Galan Lithium PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

Genesis Minerals Ltd (ASX: GMD)

The non-executive chair of Genesis Minerals, Anthony Kiernan (AM), has also been buying his company's shares.

An ASX lodgement shows Kiernan bought 75,000 Genesis Minerals shares on-market on 7 July.

He paid $89,232 for the shares, indicating a rough average price of $1.19.

The Genesis Minerals share price closed at $1.44 on Thursday, up 7.87%.

The ASX mining share is up 12.6% in the year to date.

Created with Highcharts 11.4.3Genesis Minerals PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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