It’s been a long time coming. Marathon mine builder Generation Mining has snagged the last provincial permit that finally clears the regulatory path for construction of its $1-billion copper-palladium open-pit near the north shore of Lake Superior.
The Toronto company said last week that it received the Environmental Compliance Approval for industrial sewage works from the Ontario Ministry of Environment, Conservation and Parks. The permit covers the water management and discharge during the construction phase of the project.
Though the Marathon project is “shovel ready,” Gen Mining has yet to officially make a final construction decision.
The company is still on the hunt to secure all the $961 million in initial capital financing needed to build the mine and its infrastructure.
At last count, the company had lined up close to $800 million through a debt facility and a $200-million gold and platinum streaming deal with Wheaton Precious Metals. Last week, the company said it has a support letter from a leading, but undisclosed, Canadian lender that has interest in providing up to $200 million.
[More]
