Generation Mining to Acquire Hycroft’s SAG Mill and Ball Mill for $12 Million
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Generation Mining’s wholly-owned subsidiary, Generation PGM Inc. has entered into an agreement with Hycroft Mining Holding Corporation for the purchase of an unused, surplus SAG mill and ball mill currently stored in Nevada and Texas, for $12 million. Gen PGM will also assume certain costs related to the mills, including storage, insurance, and financing charges, if any, until completion of the sale.
“With the procurement of the mills, we continue to advance the Marathon Project and reduce some of the risk associated with the procurement, logistics and cost-uncertainty associated with long-lead items for the project,” said Jamie Levy, president and chief executive officer of Gen Mining.
Prior to entering into the agreement, the mills were inspected by FLSmidth (mechanical, structural) and ABB (electrical) and additionally, Orway Mineral Consultants completed a design applicability review. Prior to installation, FLSmidth has recommended cosmetic upgrades and painting of the mill components and ABB has recommended updating the mills’ drives. Overall, the reports have confirmed that the mills are suitable for use on the Marathon Project. The mills are slightly larger in size and power than contemplated in the March 2021 feasibility study, which will allow for the grinding circuit to be operated in a SAB configuration (as opposed to SABC) thereby eliminating the need for a pebble crusher in the current design. Wood Engineering has included these mills in the current detailed engineering design being progressed.
On August 2, 2022, the Joint Review Panel issued its environment impact statement report to the Federal and Provincial Ministers of the Environment. Final ministerial decisions in the environmental assessment process are expected to be delivered within 120 days of delivery of the report. Upon receipt of favorable decisions from the ministers and the required permits, the company anticipates starting construction late in the first quarter of 2023.
About Generation Mining
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped platinum group metal mineral deposit in Northwestern Ontario. The company released the results of the feasibility study on March 3, 2021 and published the NI43-101 Technical Report dated March 25, 2021. The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometers.
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