Generation Mining (TSX: GENM) announced that the province of Ontario has accepted and filed the closure plan for its Marathon palladium-copper project, a major milestone in the permitting process.
The Marathon project is a large undeveloped palladium-copper deposit in Northwestern Ontario. The company released the results of the feasibility study update in March 2023.
The feasibility study update estimated a net present value of C$1.16 billion ($840m), an internal rate of return of 25.8% and a 2.3-year payback. The mine is expected to produce an average of 166,000 ounces of payable palladium and 41 million pounds of payable copper per year over a 13-year mine life.
Over the life of mine, the Marathon project is anticipated to produce 2,122,000 oz. of palladium, 517 million lb. of copper, 485,000 oz. of platinum, 158,000 oz. of gold and 3,156,000 oz. of silver in payable metals.
In August, it received the Endangered Species Act permit, and in September, the environmental compliance approval issued by the Ministry of Environment, Conservation and Parks for air and noise emissions for the Marathon project.
Additional permits and approvals are expected to be received during the balance of 2023, the company said.
“The approval of our closure plan for the Marathon project is the conclusion of months of work to define the social, environmental and technical elements of the closure plan to achieve the land use envisioned for the property after mining concludes, including establishing a self-sustaining ecosystem, re-establishing access through the area for traditional land use and providing future economic development opportunities,” Generation CEO Jamie Levy said in the statement.
“The project is a valuable and strategic asset containing critical metals that are needed to support emissions controls and the transition to a greener economy,” Levy said. “We are grateful for the incredible stakeholder support including the First Nation community of Biigtigong Nishnaabeg and the Town of Marathon, and the Ontario government.”