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by Stockwatch Business Reporter
New York spot gold fell $21.30 to $1,956.90 on Monday. The TSX Venture Exchange slipped 1.56 points to 610.32 while the TSX gold index dropped 1.90 points to 304.33. Most Canadian gold miners edged lower today. Karora Resources Inc. (KRR) led the retreat, dropping 11 cents to $4.39 on 1.74 million shares.
Jamie Levy's Generation Mining Ltd. (GENM) rose three cents to 56 cents on 411,000 shares on word it has "finalized an offtake term sheet" with Glencore International AG, through which Glencore will buy about half of the total copper concentrate to be produced at Generation's Marathon palladium-copper project, near Marathon in Northern Ontario. The company is using the Howe Street form of "finalized" as the actual agreement is still not final, with some of customary terms and conditions yet to be deemed complete.
Mr. Levy, president and chief executive officer, was predictably "pleased to have Glencore as an offtake partner" as Generation looks to advance the Marathon project to construction and production. "These offtake arrangements," he cheers, "will ensure the Marathon project has customers for its production and will enable downstream processing of critical minerals in Canada." Finding buyers is not the challenge: What Mr. Levy is mainly chasing is the cash needed to build the mine. The offtake deal, he says, "provides a strong commercial commitment from a highly regarded counterparty to support our expected project financing requirements."
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