December 13, 2021 09:33 ET | Source: Generation Mining Limited Generation Mining Limited
Toronto, December 13, 2021 (GLOBE NEWSWIRE) - Generation Mining Limited (TSX code: GENM; OTC market code: GENMF) ("Gen Mining" or "Company") is pleased to announce the receipt An independent report on the carbon footprint of operations Once the company's marathon palladium-copper project is put into operation, it is expected to become one of the projects with the lowest copper equivalent output per ton in Canada and the world.
The report shows that the operational footprint of the Marathon project ranks second in Canada, producing only 1.5 tons of carbon dioxide equivalent (CO2 eq) for every ton of copper equivalent produced. A comparison was made among 13 copper-producing mines across the country. Globally, the marathon will be at the bottom 4%. Skarn Associates estimates that for every ton of copper equivalent (Cu eq) produced, global carbon emissions average 4.65 tons of carbon dioxide equivalent (CO2 eq), and the Marathon project is less than one-third of this average. The carbon dioxide equivalent per ton of copper equivalent produced is estimated by Skarn.
"Marathon deposits will not only produce minerals that are critical to the energy transition, but due to the operations currently modeled in the feasibility study, these minerals will also be produced with one of the lowest carbon footprints in the world. In the ever-changing metal market and In the ever-increasing consumer awareness, Gen Mining is well-positioned to produce high-quality products. We are proud to be located in a world-class and stable mining jurisdiction that can use green energy and add significant value to an already strong economic proposition." President and CEO Jamie Levy says
The report was prepared by Skarn Associates Limited, a metal and mining ESG research company based in the United Kingdom. The report estimates the carbon intensity per ton of copper equivalent produced by Gen Mining's Marathon palladium copper project in all production years, and compares it with other Canadian and global copper producers in 2020.
(Global)-Cumulative production percentage (%) https://www.globenewswire.com/NewsRoom/AttachmentNg/6286faba-dc81-4d2e-a7ce-d6eeb522469f
(Canada)-Cumulative production percentage (%) https://www.globenewswire.com/NewsRoom/AttachmentNg/b53fcc96-4b81-436e-b86a-a48157750ba1
The upper curve represents various mining operations. The height of the stacked bars represents the CO2 equivalent strength, and the width of the bars represents the relative copper equivalent yield. The copper equivalent calculation comes from Skarn and is based on metal prices in 2020. Scope 1 (emissions from on-site activities) and Scope 2 (emissions from purchased energy, in this case, the electricity required for on-site operations is generated by the grid power supplier) represents the intensity of the on-site direct extraction and processing of carbon dioxide. The other components and contributors used to estimate the bar chart are described in the chart legend, reflecting the emissions of the entire project value chain. Gen Mining's bar chart is designed to represent the CO2e intensity at the operating location defined in the feasibility study (NI43-101 technical report dated March 3, 2021 and published March 25, 2021).
As part of the ongoing detailed engineering and procurement process, the company will continue to study ways to further reduce the carbon footprint of the project.
About Skarn Associates Skarn's mission is to bridge the research gap between mining economics and ESG. Skarn was founded in 2016. Since the beginning of 2020, it has been focusing on creating high-quality, independent and forward-looking ESG analysis of the mining industry, especially the energy use and carbon emissions of mining, smelting and refining businesses. The commodities covered include nickel, gold, aluminum, zinc, iron ore, metallurgical coal and copper.
Skarn has become a leader in greenhouse gas benchmarking in the mining industry, developing unique methods and data sets, including its proprietary E0 and E1™ emission indicators. For more information, please visit www.skarnassociates.com.
Qualified personnel The scientific and technical content of this press release has been reviewed, verified and approved by qualified personnel defined by the company’s chief operating officer Drew Anwyll, P.Eng., M.Eng, and the Canadian Securities Administrator, National Instruments Disclosure standards.
Gen Mining’s focus is on the development of the Marathon Project, a large undeveloped platinum group metal deposit in northwestern Ontario. The company released the results of the feasibility study on March 3, 2021, and released the NI43-101 technical report on March 25, 2021. The Marathon property covers an area of approximately 22,000 hectares or 220 square kilometers. After the completion of the above transaction, Gen Mining will own 100% of the marathon project.
The feasibility study of the Marathon project estimates that, calculated at US$1,725 per ounce of palladium and US$3.20 per pound of copper, Marathon’s net present value (calculated at a discount rate of 6%) is about 1.07 billion Canadian dollars, and the investment payback period is 2.3 years. The internal rate of return is 30%. The upfront cost of capital is estimated at 665 million Canadian dollars. The mine will produce approximately 245,000 palladium equivalent ounces per year during its 13-year mine life, and the total maintenance cost will be US$809 per palladium equivalent ounce. For more information, please view the detailed feasibility study dated March 25, 2021, which was submitted under the company profile on SEDAR.com.
For more information, please contact:
Jamie Levy President and Chief Executive Officer (416) 640-2934 (416) 567-2440 jlevy@genmining.com
This press release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs about future events or the company’s future performance. All statements other than statements of historical facts are forward-looking statements. Usually, but not always, forward-looking statements can be made by using such things as "plan", "anticipate", "anticipate", "budget", "scheduled", "estimate", "continue", "forecast", "project" , "Predict", "intend", "anticipate", "target" or "believe", or variations or negatives of these words and phrases, or state that certain actions, events or results are "may", "may", "Will", "should", "may" or "will" be taken, occurred or realized, including statements related to the completion of the transaction and meeting the prerequisites for completing the transaction, including obtaining regulatory approval, the company's acquisition of 100% equity in the marathon project, Or promote the marathon project to put it into production. All forward-looking statements, including the statements herein, are subject to this warning statement.
Although the company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not a guarantee of future performance, and actual results or developments may be materially different from those in the statement. Certain factors may cause actual results to differ materially from those in forward-looking information. These include commodity price fluctuations, continued availability of capital and financing, the uncertainty involved in interpreting geological data, increased costs, environmental compliance and changes in environmental legislation and regulations, the company’s relationship with indigenous communities, exploration success, and overall Economic, market or business conditions, as well as the company's annual information sheet for the year ended December 31, 2020, and the risk factors listed in the company's continuous disclosure documents submitted on the SEDAR website www.sedar.com. Readers are reminded that the above list of factors does not exhaustively list factors that may affect forward-looking statements. Therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release represent only as of the date of this press release or the dates or dates specified in such statements.
Forward-looking statements are based on certain assumptions that may prove to be incorrect, including but not limited to assumptions related to: the availability of financing for the company’s operations; operating and capital costs; operating results; mine development and production plans and related costs; commodity prices Supply and demand, levels and fluctuations; time to receive regulatory and government approvals for development projects and other businesses; the accuracy of mineral reserves and mineral resource estimates, production estimates, and capital and operating cost estimates; and general commercial and economic conditions.
Investors please note that any such statement cannot guarantee future performance, and actual results or developments may differ materially from the forecasts in the forward-looking information. For more information about the company, investors are encouraged to view the company's public documents on SEDAR on www.sedar.com. Except as required by law, the company does not undertake any intention or obligation to update or revise any forward-looking information, whether due to new information, future events or other reasons.