Generation Lines up $1.3B Marathon Financing
The financing includes a $140 million commitment from the Canada Growth Fund and other lenders, giving the project more than $1 billion to start construction.
- On Monday, Toronto-headquartered Generation Mining announced it secured full financing for its $1.1-billion Marathon copper-palladium project, with construction set to begin in the fourth quarter of 2026.
- The company finalized a $340-million funding tranche anchored by a $140-million commitment from The Canada Growth Fund; CEO Jamie Levy said the team worked eight years to reach this milestone.
- Construction will create 1,000 jobs with 400 permanent mining roles by 2028, providing transformational relief for the resilient community of 3,100 that lost its Marathon Pulp mill and more than 200 jobs in 2009.
- Marathon Mayor Rick Dumas said the project will have a "huge benefit to the region," as the community repurposes a local camp and builds a waterfront recreation centre with $37 million in federal funding.
- Generation expects the site to produce nearly 2.2 million ounces of palladium and more than 500 million pounds of copper over 12.5 years, while Glencore Canada will purchase the output under a long-term offtake agreement.
17 Articles
17 Articles
The Record
Financing complete for Marathon mine construction
MARATHON — With a final $340 million in project financing secured, Generation Mining says it now has full financing for construction of its Marathon copper-palladium project.
Generation Mining Secures Full Project Financing to Build Canada's Next Critical Minerals Mine
The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with the Bought Deal Financing (as defined below) will be accessible through SEDAR+ within two business days NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, Sept. 14, 2026 (GLOBE NEWSWIRE) — Generation Mining Limited (TSX: […]
The Toronto Star
Generation Mining Secures Full Project Financing to Build Canada’s Next Critical Minerals Mine
The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with the Bought Deal Financing (as defined below) will be accessible through SEDAR+ within two business days
Marathon mayor says mine construction green light will bring major economic boost – by Ian Ross (Northern Ontario Business – September 15, 2026)
https://www.northernontariobusiness.com/ North shore town has been preparing with mine-driven growth plans in housing, amenities and port facility Marathon Mayor Rick Dumas expects this fall’s start of construction for Generation Mining’s Marathon copper-platinum mine will have a widespread impact across his community and the north shore of Lake Superior. The Toronto mine developer announced Sept. 14 ...
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