Toronto mine developer looks to raise $665M to build North Shore open-pit palladium, copper mine
The wheels are beginning to turn in planning the development of an open-pit palladium and copper mine outside the town of Marathon.
Toronto’s Generation Mining had been holding off revealing its plans until its joint venture partner, South Africa’s Sibanye-Stillwater, decided not to buy back into the mining project it had optioned to Gen Mining two summers ago.
Since appearing on the North Shore of Lake Superior in 2019, Generation has been on an aggressive exploration and development track at Marathon. And it appears nothing has changed based on their upcoming plans over the next few months, as outlined in a web call that company management delivered to investors on July 27. Generation now holds an 81 per cent controlling interest in the project.
Executive chairman Kerry Knoll joined company president-CEO Jamie Levy and chief operating officer Drew Anwyll rolled out what’s on their to-do list for this year, the project milestones they intend to pass, and how the mine design and financing will take shape.
By way of projected palladium and precious metals production, Marathon is shaping up to be the seventh largest mine in Canada, ranked between Agnico’s Meliadine Mine in Nunavut and New Gold’s Rainy River Mine, northwest of Fort Frances.