Ontario copper-palladium mine granted final construction permit
Generation Mining (TSX:GENM) received the final construction permit required to break ground on its 26,000-hectare Marathon copper-palladium project in Northwestern Ontario
The project's net present value stands at C$1.07 billion
Generation Mining is advancing towards critical metals production in Ontario, Canada
Generation Mining stock is up by 34.04 per cent on the news trading at C$0.32 as of 9:37 am ET
Generation Mining (TSX:GENM) received the final construction permit required to break ground on its 26,000-hectare Marathon copper-palladium project in Northwestern Ontario.
The Environmental Compliance Approval – Industrial Sewage Works (ECA-ISW), granted by the Ontario Ministry of Environment, Conservation and Parks, dictates water management during the project's construction phase.
The Marathon property delivered a 2025 feasibility study detailing an after-tax net present value of C$1.07 billion and a payback period of only 1.9 years based on 3-year trailing average metal prices as of November 1, 2024. The mine is expected to produce 2,161,000 ounces of palladium, 532 million pounds of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver over a 13-year operating life.
Management will now focus on raising about C$1 billion in initial capital required to reach production. Leadership insights
'With this final permit, Generation believes that the Marathon project will be a major step forward in securing domestic supplies of copper and palladium – essential elements for clean energy and advanced technologies,' Jamie Levy, president and chief executive officer of Generation Mining, said in a statement. 'The completion of construction permitting was one of our key objectives for this year, and securing construction financing is now the final milestone to be able to move the Marathon project forward. With a shovel-ready plan and strong community support, the Marathon project has the potential to deliver critical minerals, create skilled jobs and strengthen the Canadian supply chain for a more resilient future.'
'The receipt of the ECA-ISW marks the completion of the construction phase approvals process for the project. The company greatly appreciates the Indigenous communities, the Town of Marathon and the federal and provincial government agencies that were involved in the process over the past 5 years,' added Ruben Wallin, Generation Mining's vice president of sustainability. 'The company would also like to recognize the hard work and dedication of our employees and consultants, present and past, in achieving this significant milestone for the project.' About Generation Mining
Generation Mining is advancing towards critical metals production in Ontario, Canada.
Generation Mining stock (TSX:GENM) is up by 34.04 per cent on the news trading at C$0.32 as of 9:37 am ET. The stock has added 12.50 per cent year-over-year but remains down by 30 per cent since 2020.
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