Generation Mining Secures C$340M Financing for Marathon Copper-Palladium Project
Generation Mining has secured C$340 million in financing to advance its Marathon copper-palladium project in north-western Ontario, Canada. This funding is part of a broader construction package totaling approximately C$1.3 billion and includes anchor investments from the Canada Growth Fund (C$140M) and the Canada Infrastructure Bank (C$50M). The financing also involves a bought deal arrangement led by BMO Capital Markets for C$200 million, with additional contributions from GCF, Wheaton Precious Metals, and Glencore Canada. Closing is expected on 21 September 2026. The company has signed an offtake agreement with Glencore to purchase copper concentrate containing multiple metals including palladium, platinum, gold, and silver for the first two years of production and again from year 13 onward. Proceeds will be used for project development, construction, operations, administrative costs, and financing expenses. The final investment decision by Generation Mining's board is pending completion of all financing arrangements. The funding highlights government support through equity and debt tools provided by Canadian institutions to facilitate the project’s financial structure.
Topics: financing mining project development