Sibanye approves feasibility study on Marathon project, mulls interest increase

30th April 2021 By: Marleny Arnoldi - Deputy Editor Online

TSX-listed Generation Mining has announced board approval for the feasibility study for the Marathon palladium/copper project, in Northwestern Ontario.

The company obtained shareholder approval in terms of the Marathon joint venture (JV) agreement signed in July between itself and Stillwater Canada – a subsidiary of Sibanye-Stillwater – which holds 19.3% of the project.

The management committee of the JV comprises four members, consisting of two representatives from each of Gen Mining and Sibanye.

In terms of an extension agreement dated April 30, entered into between the companies, the management committee has temporarily deferred consideration of a commercial production decision on the project until July 22.

As a result, Sibanye will have until the commercial production decision date to elect to exercise its rights under the JV to increase its ownership interest in the Marathon project to up to 51%.

In the meantime, Generation Mining will continue with exploration drilling along with the development of the Marathon project, including progressing an environmental impact assessment, community relations and detailed engineering work.