Generation Mining Shares Jump After Offtake Deal Finalized With Glencore
27 Março 2023 - 11:45AM
Dow Jones News
By Robb M. Stewart
Generation Mining Ltd.'s shares rallied Monday after the
Canadian company finalized a deal to sell copper concentrate from
its Marathon palladium-copper project in northwestern Ontario to
resources giant Glencore PLC.
In morning trading, the shares were 9.4% higher, at 58 Canadian
cents (42 U.S. cents), narrowing the year-to-date drop to 26%.
Under the offtake agreement, Generation Mining said that
Glencore would buy an average of 50% of the total copper
concentrate produced from the project, which is expected to be
treated by Glencore's Horne smelter in the neighboring province of
Quebec.
The company said the term sheet includes expected specifications
for the polymetallic copper concentrate to be produced at Marathon
and treatment and refining charges. The agreement also provides
additional benefits for Generation Mining, including metal payment
terms, credit support from Glencore for the project's environmental
reclamation financial surety requirements, and working capital
facilities, Generation Mining said.
Generation Mining said it has also finalized an offtake term
sheet with a European copper group that will buy the balance of the
concentrate produced by the Marathon project.
The company said that as it drives the project to construction
and production, it expects to enter into final, binding offtake
agreements for 100% of the production in conjunction with the
completion of its project financing, which is expected later this
year.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 27, 2023 10:30 ET (14:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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