TSX-V-listed emerging copper and palladium miner Generation Mining has secured about $140-million of investment from Canada Growth Fund (CGF), which supports the progression of the Marathon project, in Ontario, to a final investment decision and construction.
The CGF investment comprises $90-million in common shares of Generation Mining as part of a broader equity financing of $200-million, and a $50-million investment in a convertible note, as part of the company’s $100-million convertible notes offering.
CGF is helping to unlock significant private capital for strategically important Canadian critical mineral projects by anchoring the equity financing required to advance projects and helping companies to access committed lending facilities.
Marathon is expected to be a significant Canadian source of copper and palladium. “By advancing a new Canadian source of copper and palladium, we are strengthening North American supply chains, supporting good jobs in Northwestern Ontario and building the projects that will power Canada’s economy for generations to come,” comments Canadian Energy and Natural Resources Minister Tim Hodgson.
The Marathon project is expected to produce 2.1-million ounces of palladium, 532-million pounds of copper, 488 000 oz of platinum, 160 000 oz of gold and three-million ounces of silver over its 13-year lifetime.