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 is the joint venture operator and has assumed all liabilities of the property.
During 2021, Gen Mining increased its stake, reducing Sibanye-Stillwater’s effective interest to 22.65%. This includes the direct interest of 16.5% in the project and indirect interest through the Group’s investment in Gen Mining.
As at 31 December 2021, Marathon had 56.4Mt of declared attributable Mineral Resources at 0.2% copper and a 2E+Au PGM grade of 0.7g/t (263.2Mlbs copper and 1.2Moz of 2PGM+Au). In quarter one of 2022, post the effective date of this statement, the joint venture parties agreed to Sibanye-Stillwater’s exchanging its project level ownership for a combined total corporate level equity interest of approximately 19.1% in Gen Mining.