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Offtake agreement will send Generation Mining’s copper concentrate for processing in Quebec
Generation Mining, the developers of a proposed open-pit mine near Marathon, has secured an international mining company to be the buyer of its copper concentrate. An offtake term sheet has been finalized with Glencore International AG.
According to the term sheet, Glencore will purchase an average of 50 per cent of the future mine’s total copper concentrate. The polymetallic copper concentrate also contains palladium, platinum, gold, and silver. The concentrate from Marathon will head to Glencore’s Horne smelter in Rouyn-Noranda, Que. for further processing.
Without specifying the amount, Gen Mining said in a news release that the term sheet provides attractive metal payment terms for the company and credit support from Glencore for the mine’s environmental reclamation fund requirements and for working capital.
Gen Mining has been raising financing for the $665-million project, which could start construction this spring. Mine construction could create as many as 1,000 jobs with more permanent employment for 400 when the pit goes into commercial production.
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