- Generation Mining Limited (GENM) has received the second $20 million payment from a purchase agreement with Wheaton Precious Metals Corp.
- Wheaton owes the company a total of $240 million in exchange for certain production revenue streams from the Marathon Project
- An initial $20 million was paid in March, and the remaining $200 million will be paid off in four installments
- The project’s estimated upfront capital costs is roughly $665 million
- Generation Mining Limited (GENM) is down 4.84 per cent and is trading at $0.59 per share as of 12:24 p.m. ET
Generation Mining Limited (GENM) has received the second $20 million payment from a purchase agreement with Wheaton Precious Metals Corp.
The payment is in regards to the Marathon Palladium Copper Project in Ontario.
Generation Mining stated that Wheaton owes the company a total of $240 million in exchange for a stream on all gold production and 22 per cent of the platinum production from the Marathon Project. An initial $20 million was paid to the company back in March.
Jamie Levy, President and CEO of Generation Mining, commented,
“On our path towards the permitting and construction of the Marathon Project, one of North America’s largest undeveloped critical mineral deposits, this represents a significant funding milestone.”
During construction of the Marathon Project the remaining $200 million will be paid off in four installments.
Generation Mining estimated the project’s upfront capital costs to be $665 million. The mine would produce an estimated 245,000 palladium equivalent ounces per year over a 13-year mine life at an all-in sustaining cost of US$809 per palladium-equivalent ounce.
Over its life, the project is anticipated to produce 1,905,000 ounces of palladium, 467 million pounds of copper, 537,000 ounces of platinum, 151,000 ounces of gold and 2,823,000 ounces of silver.
Generation Mining Limited (GENM) is down 4.84 per cent and is trading at $0.59 per share as of 12:24 p.m. ET.
