Gen Mining Expects $200mn Loan for Marathon Copper Project

Generation Mining

Canada’s Generation Mining advances its copper-palladium project with major financial backing and construction-ready permits.

Gen Mining Expects $200mn Loan for Copper Project

Generation Mining expects a C$200mn ($145mn) loan for its Marathon copper-palladium project in northwest Ontario. The Canadian mining company confirmed a letter of support from a domestic financial institution, though the lender’s identity remains undisclosed. This development follows the receipt of the project’s final construction permit earlier this week, positioning the firm for a near-term project launch.

The Marathon project is projected to produce 532 million pounds of copper over a 13-year mine life. Gen Mining has already secured $200mn in construction financing through a deal with Wheaton Precious Metals. In addition, Glencore signed an offtake agreement in 2023 for 50% of the copper concentrate, reinforcing global interest in the asset.

Gen Mining shifted its strategic focus to the copper sector after selling its Davidson molybdenum-tungsten project in late 2023. With global demand for copper rising due to energy transition technologies, the Marathon project is viewed as a vital long-term supplier of critical minerals.

The Metalnomist Commentary

The Gen Mining Marathon project highlights renewed investment confidence in North American copper assets amid rising global demand. Strategic funding and offtake deals suggest a robust path toward project execution and long-term supply security.