PALLADIUM, COPPER: Gen Mining picks financial advisor for Marathon project
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Generation Mining says it has appointed Endeavour Financial as its financial advisor on the Marathon palladium-copper project in northwest Ontario, Kallanish reports.
Endeavour Financial with offices in London, United Kingdom, in George Town, Cayman Islands, and in Vancouver, British Columbia, is one of the top mining financial advisors globally.
“We look forward to working with the Endeavour Financial team to evaluate the many financing proposals we have received and to introduce us to many new potential investors,” says executive chairman Kerry Knoll in a statement.
He said his Ontario-based company is expecting that Marathon production financing will be some combination of debt, royalties or streaming and equity with a focus on keeping the equity portion as low possible.
Adds Endeavour managing director David Rhodes: “Endeavor is delighted to be able to work with the Gen Mining team to evaluate and execute financing for the development of this world-class asset.”
Last month, Generation Mining said it plans to aggressively advance the project to production, after joint venture partner Sibanye-Stillwater declined to acquire a 51% stake in the project. That includes environmental assessment and permitting, final negotiations with First Nation groups, detailed engineering and project financing, it says.
The Marathon project covers 22,000 hectares or 220 square kilometres. Gen Mining owns an 82.6% interest in the project. Sibanye-Stillwater owns the remaining interest of 17.4%. The mine would produce 345,000 palladium equivalent ounces/year over a 13-year mine life.
Bob Downing USA