Generation Mining primed to go ‘full bore’ on Marathon pit project – by Ian Ross (Northern Ontario Business – April 6, 2023)

Company lining up financing for $1.1-billion three-pit operation on Superior’s north shore

Generation Mining is hoping to tap into federal ‘green’ tax credits to help finance the construction of a $1.1 billion palladium and copper mine near the north shore of Lake Superior.

In a webcast this week, company management briefed shareholders on the updated feasibility study for its Marathon open-pit development and explained the path to production. The study revealed the project pricetag to build and outfit the predominately palladium mine and mill operation has increased by 25 per cent to $1.1 billion.

Chairman Kerry Knoll said this paints a more accurate picture when factoring in inflation with quotes and estimates on equipment purchases and the work to be done on the site, 10 kilometres north of the town of Marathon.

Despite the increase in capital spending, Knoll said it’s very much a “robust” project with a 2.3-year payback on the investment. The Toronto company said it’s waiting on three remaining provincial permits in order to start the early phases of a 24-month construction period by this summer or this year’s fourth quarter. The permits are for the mine closure plan, for tree harvesting and for species at risk, the latter being a boreal caribou protection plan

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