Generation Mining (TSX: GENM, OTCQB: GENMF) has received the final key permit required for the construction of the Marathon copper-palladium project in northwestern Ontario. The Ontario Ministry of Environment, Conservation and Parks approved the environmental compliance – industrial sewage works (ECA-ISW) for the management and discharge of water during the construction phase. The Marathon property spans approximately 26,000 ha (260 sq. km).
Jamie Levy, president and CEO of Generation Mining, commented, “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. 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.”
Ruben Wallin, vice president of sustainability for the company, noted: “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. 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.”
The most recent feasibility study for the Marathon project estimates a net present value (using a 6% discount rate) of C$1.07 billion, an internal rate of return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the technical report.
Over the anticipated 13-year mine life, the Marathon project expects to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold, and 3,051,000 ounces of silver in payable metals.
For more information, visit the company’s website at www.GenMining.com.
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