Generation Mining pocketed another key permit this week toward clearing a path to mine construction near Marathon while also raising $15 million in development and exploration cash.
The provincial government issued the company a permit to remove trees for its proposed open-pit palladium and copper project, 10 kilometres north of the town of Marathon.
It’s one of the last few government permits remaining for the project. The company is expected to make a construction decision within a few months to start mine construction by spring.
In the last few months, Gen Mining has cleared some key regulatory milestones by obtaining its endangered species permit in August, getting an environmental compliance approval for air and noise emissions in September, and - the biggie - the government signing off on its mine closure plan earlier this month.
This week, the company finalized a bought deal public and flow-through share offering in raising $15 million, some it earmarked for mine development and some for further exploration on its 22,000-hectare property on the north shore of Lake Superior.
Gen Mining’s Marathon Project is valued at $1.16 billion and is expected to produce an average of 166,000 ounces of palladium and 41 million pounds of copper each year over a 13-year mine life. There’s also some platinum, gold and silver in payable metals mix.