Generation shares jump on final permit for Marathon project
Toronto-listed Generation Mining's stock jumped on Thursday as the company received its final permit required to begin construction at the Marathon copper/palladium project in north-western Ontario.
The company received the Environmental Compliance Approval – Industrial Sewage Works from Ontario’s Ministry of Environment, Conservation and Parks. The permit covers the management and discharge of water during the construction phase.
“With this final permit, Generation believes that the Marathon project will be a major step forward in securing domestic supplies of copper and palladium – essential elements for clean energy and advanced technologies,” said president and CEO Jamie Levy.
“The completion of construction permitting was one of our key objectives for this year, and securing construction financing is now the final milestone to be able to move the Marathon project forward.”
The Marathon project has strong community support and is expected to generate skilled jobs and contribute to the domestic supply chain for critical minerals.
Ruben Wallin, VP sustainability, said the permit marked the completion of the construction-phase approvals process and acknowledged the contributions of Indigenous communities, the Town of Marathon, and federal and provincial agencies over a five-year period.
“The company would also like to recognise the hard work and dedication of our employees and consultants, present and past, in achieving this significant milestone for the project,” Wallin added.
Shares in Generation Mining, in which Sibanye-Stillwater has a 13.9% interest, jumped nearly 13% to C$0.26 a share on the permit news.
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