China to cut import tariffs on some recycled copper and aluminum raw materials
The Ministry of Finance announced adjustments to various import tariff categories, effective Jan. 1.
Generation Mining (TSX: GENM) has arranged a senior finance facility of up to C$540 million ($400 million) for its 100%-owned Marathon palladium-copper project on the north shore of Lake Superior in Ontario. A syndicate including Export Development Canada, ING Capital and Société Générale are the mandated lead arrangers.
The debt facility along with the C$200 million Wheaton Precious Metals (TSX: WPM; NYSE: WPM) streaming arrangement gives Generation Mining a total of C$740 million for mine and mill construction. The company also enjoys the support of both federal and provincial agencies for its environmental assessment study.
Closing of the debt facility is expected in the third quarter of this year.
The company updated the 43-101 feasibility study for the Marathon mine earlier this year. The project has a net present value (using a 6% discount rate) of C$1.16 billion, an internal rate of return of 25.8%, and a 2.3-year payback. The mine is expected to produce an average of 166,000 oz. of palladium and 41 million lb. of copper per year over a 13-year mine life.
Over that time, Marathon is anticipated to produce 1.2 million oz. of palladium, 517 million lb. of copper, 485,000 oz. of platinum, 158,000 oz. of gold and 3.2 million oz. of silver in payable metals.
