It took the company quite a bit of time but in the end hard work paid off and Generation Mining (GENM.TO) secured the approval of the environmental assessment by the Federal and Provincial authorities. This is by far the most important step in the permitting process and as the company now has the local first nations, the provincial and the federal authorities on board, it can now start putting the final pieces of the Marathon copper-palladium project together.
Generation Mining can now apply for all the relevant permits to actually construct and operate the mine as the environmental permit was the cornerstone permit. We expect 2023 to be a busy year for Generation is it will have to break ground at Marathon while securing a funding package to see it through the construction and commissioning phase of the Marathon PGM project which will produce a total of 1.9 million ounces of palladium and almost half a billion pounds of copper. We expect to see an updated capex estimate as we get closer to a final financing package and then it’s up to Generation Mining to build Ontario’s newest open pit mine.
CEO Jamie Levy added an additional 50,000 shares to his position by completing an open market purchase at C$0.84 for a total of C$42,000. This brings his total position to 4.37 million shares and seeing the CEO buying more stock after receiving the important permits is a nice vote of confidence.
Disclosure: The author has a long position in Generation Mining. Generation is a sponsor of the website. Please read our disclaimer.
