The Marathon project is a PGM-gold copper project, situated 10km north of Marathon, Ontario province, Canada. The project is managed by our joint venture partner, Generation Mining Limited (Gen Mining), which has also assumed all liabilities for the property.
Sibanye-Stillwater concluded an acquisition agreement with Generation Mining Limited (Gen Mining) in 2019 through which Gen Mining acquired a 51% interest in the Marathon project and formed an unincorporated joint venture with Stillwater Canada Inc, in exchange for a cash consideration of CAD$3 million and a 12.9% equity interest in Gen Mining. Gen Mining has the option to earn up to an 80% interest through spending of CAD$10 million and preparing a preliminary economic assessment within four years of the property acquisition date, marked as 11 July 2019.
In 2020, Gen Mining increased its stake, reducing Sibanye-Stillwater’s effective interest to 26%. This includes the direct interest of 19.3% in the project and indirect interest through the Group’s investment in Gen Mining.
As at 31 December 2020, Marathon had 65.9 million tonnes of 2E PGM declared attributable Mineral Resources at 0.2% copper and 2E+Au PGM grade of 0.7g/t (307.8 million pounds copper and 1.4 million ounces 2PGM+Au).
| |
2020 |
2019 |
| PGM mineral resources |
Tonnes (Mt) |
Grade (g/t) |
2E PGM (Moz) |
2E PGM(Moz) |
| Total |
65.9 |
0.7 |
1.4 |
3.1 |
| |
2020 |
2019 |
| Copper mineral resources |
Tonnes (Mt) |
Grade (%) |
Copper (Mlb) |
Copper (Mlb) |
| Total |
65.9 |
0.2 |
307.8 |
645.8 |
26.49% Attributable, non-managed, based on a 20% direct and a 8,11% indirect interest.
