Generation Mining has rounded up more project financing to construct its $1-billion shovel-ready, copper and palladium mine, north of Marathon.
The Toronto mine developer announced that it has secured $424 million in debt financing from a syndicate of banks. The money is earmarked for the construction and development of the proposed open pit, which is expected to break ground in early fall.
In a June 17 news release, Gen Mining said it has reached a credit approval through a senior secured project finance facility supported by Export Development Canada, ING Capital and Société Générale.
Company president-CEO Jamie Levy called it a “landmark moment” and a “powerful endorsement” of the project.
“These institutions bring deep expertise in mining finance and conducted extensive due diligence into the project. Their commitment signals strong confidence in our asset’s economics and long-term value.”
The price tag to build the mine is $992 million. So far, Gen Mining said it has secured $769 million of the funding needed. The company is waiting on other lenders to close the gap.
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