Generation makes progress at Marathon
Looking further down the line, a likely candidate for the next new mine is Generation Mining’s Marathon palladium-copper project. The project is in the midst of a joint federal-provincial environmental impact assessment review. Generation recently secured a 100% interest in Marathon when Sibanye-Stillwater opted not to exercise its right to earn a 51% stake in the project. In return for its 16.5% interest, Generation issued shares to Sibanye-Stillwater, leaving the South Africa-based miner with a 19.1% holding in the junior. Generation also secured $240 million in financing to build the mine, estimated to cost $665 million. The funds come in the form of a streaming deal with Wheaton Precious Metals that will see it buy the first 150,000 oz. of payable gold production, dropping to 67% of gold production for the remainder of the mine life,
******and between 15% and 22% of platinum production. Wheaton will pay a portion of the spot price (between 18% and 22%).******