Mentioned:
GENM -0.70% WPM -0.31%

The Canadian government is investing in a publicly traded mining company. And they’re aiming to build a copper-palladium mine in Ontario.

What’s happening:

  • Generation Mining (TSX: GENM) has successfully landed $340M CAD to complete the fully financed construction package for their Marathon Copper-Palladium Project located in Ontario, Canada

Why it matters:

  • The Marathon Copper-Palladium Project is widely considered to be one of the single largest undeveloped palladium projects in Canada

Going deeper:

  • Generation Mining has publicly stated that their Marathon Copper-Palladium Project is now fully permitted and they expect to begin early construction work this year
  • The $340M CAD capital raise for Generation Mining is being led by Wheaton Precious Metals (NYSE: WPM) and Glencore
  • The Canadian government is also providing $100M CAD of capital through the Canada Growth Fund and Canada Infrastructure Bank

The intrigue:

  • The Canada Infrastructure Bank also previously backed Generation Mining with a $200M CAD debt facility to advance their Marathon Copper-Palladium Project