- Generation Mining (TSX:GENM) initiated construction at its Marathon mine in Ontario.
- Marathon is expected to produce 42 million pounds of copper, 168,000 ounces of palladium, 38,000 ounces of platinum, 12,000 ounces of gold and 240,000 ounces of silver over a 13-year mine life.
- The critical minerals stock has given back 5.08% year-over-year and 11.11% since 2021.
Generation Mining (TSX:GENM) initiated construction at its Marathon mine in Ontario, which is expected to produce 42 million pounds of copper, 168,000 ounces of palladium, 38,000 ounces of platinum, 12,000 ounces of gold and 240,000 ounces of silver over a 13-year mine life.
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Early works are underway and expected to run into 2027, including upgrades to site access, water management system assembly and initial bulk earthworks and aggregate production.
The company is also in the midst of procuring C$150 million in critical equipment at or below the budget outlined in the mine’s feasibility study, including a crushing station, mills and cranes.
Marathon is fully funded to bring its polymetallic resources to market thanks to investments from Canada Growth Fund, Canada Infrastructure Bank, as well as high-profile miners Glencore and Wheaton Precious Metals.
According to Generation’s latest investor deck, Marathon is expected to reach commercial production by Q3 2029.
Leadership commentary
“With our construction-phase financial assurance now posted, crews are working on the ground at Marathon. We have spent years getting this project ready and our entire team is excited to be building the next critical minerals mine in Ontario, Canada. I want to thank all our stakeholders for their continued support,” Jamie Levy, President and Chief Executive Officer of Generation Mining, said in Thursday’s news release. “Our focus now is on executing safely, on schedule and on budget, and delivering long-term value for our shareholders.”
About Generation Mining
Generation Mining is a near-term polymetallic producer active in Ontario, Canada.
Generation Mining stock (TSX:GENM) is unchanged trading at C$0.56 as of 10:10 am ET. The stock has given back 5.08% year-over-year and 11.11% since 2021.
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