Ontario palladium/copper project's 'time has come', says Gen Mining chair

A new palladium and copper mine in Ontario, Canada, could be under construction next year, if permitting and financing for the C$665-million project proceed as planned.

Toronto-listed Generation Mining (Gen Mining) on Wednesday announced the results of a feasibility study for the Marathon palladium/copper project, in which precious metals major Sibanye-Stillwater has an interest.

The study yielded an aftertax internal rate of return (IRR) of 30%, a net present value (NPV), using a 6% discount, of C$1.07-billion and a payback of 2.3 years, based on a long-term price of $1 725/oz for palladium and $3.20/lb for copper.