1:09pm on Nov 20, 2019
Our projects in the Americas include the Altar and Rio Grande copper/gold projects located in Argentina and the Marathon PGM-copper exploration project in Ontario, Canada.
The Altar project is a copper-gold property located in San Juan Province, Argentina, approximately 10 km from the Argentina/Chile border and 180km west of the city of San Juan.
Altar is an advanced-stage exploration project, consisting of eight wholly-owned and five optioned mining concessions and requiring additional drilling success and studies to allow transition to feasibility.
As at 31 December 2018, Altar contained 2,614 million tonnes of mineral resources at 0.3% copper and 0.1 g/t gold (17.9 billion pounds of copper and 6.3 million ounces of gold).
In August 2018, we entered into agreements with Regulus Resources and a newly formed subsidiary of Regulus, Aldebaran Resources, to further explore and develop the Altar property. Under the agreements, we received US$15 million and a 19.9% equity interest in Aldebaran, and Aldebaran received the right to earn up to 60% of Altar by carrying the next US$30 million of project expenditures over a maximum of five years. If it completes the initial earn-in, Aldebaran may also acquire a further 20% interest by spending an additional US$25 million over the subsequent three-year period.
Concurrently, Regulus spun out to Aldebaran its Rio Grande copper-gold project and other early stage Argentine mining assets. Aldebaran became listed on the Canadian TSX Venture Exchange in November 2018.
The Rio Grande project is a copper-gold property located in Salta Province in north-western Argentina, approximately 1,400 km north-west of Buenos Aires. We hold our interest in the project through our 19.9% shareholding in Aldebaran.
As at 31 December 2018, Rio Grande contained 22.3 million tonnes of mineral resources at 0.3% copper and 0.3 g/t gold (134.7 million pounds of copper and 0.236 million ounces of gold).
The project consists of one contiguous block comprising nine mining concessions, totaling 180 claims covering an area of approximately 16,953 hectares.
The Marathon project is PGM-copper project located in the Province of Ontario, Canada, approximately 10 km north of the town of Marathon, on the north-eastern shore of Lake Superior.
As at 31 December 2018, Marathon had 151.7 million tonnes at 0.22% copper and 2E+Au PGM grade of 0.89g/t (730 million pounds copper and 4.3 million ounces 2PGM+Au) declared mineral resources.
On 26 June 2019, Sibanye-Stillwater announced that it has entered into an acquisition agreement with Generation Mining Limited (Gen Mining) to further the development of the PGM-copper Marathon project while Gen Mining will acquire a 51% interest in the Marathon project and form an unincorporated joint venture with Stillwater Canada Inc. The agreement will enable Gen Mining, a focused exploration company, to advance the Marathon project and to conclude further economic studies in the development of this asset. The conclusion of the transaction is expected to close prior to mid July 2019. For more information, refer to the related announcement.
We have two gold projects in South Africa and have acquired several PGM projects subsequent to recent transactions.
The 2018 report provides a full description of the Group’s mineral asset estimation as at 31 December 2018.
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