Sibanye-Stillwater clears the way for Generation Mining make commercial production plans for palladium, copper deposit
A major hurdle has been cleared toward advancing an open-pit palladium mine on the north shore of Lake Superior.
Toronto’s Generation Mining announced July 21 that it will maintain majority ownership of its Marathon Palladium Project after its joint venture partner, Sibanye-Stillwater, decided not to ‘back in’ and regain control of the exploration property as it advances to mine construction.
Gen Mining owns an 80 per cent stake in the 22,000-hectare property near the town of Marathon. The project was acquired from Sibanye Stillwater in the summer of 2019.
But Sibanye had back-in rights under the terms of a joint venture agreement allowing the South African palladium miner to increase its ownership in the Marathon project to 51 per cent.
It delayed Gen Mining from making a commercial production decision to proceed with the mine’s construction even after releasing a positive feasibility study on the Marathon Project last March. Gen Mining said in a news release that Sibanye-Stillwater has confirmed it will not exercise its right to increase its ownership in the project.