- Generation Mining (GENM) obtains JV management committee approval for a feasibility study and a decision date for the Sibanye ownership increase notice
- The management committee includes four members; two representatives from each of Gen Mining and Sibanye-Stillwater
- Gen Mining, as the operator of the project, will issue a further announcement when a commercial production decision has been reached
- Gen Mining’s focus is the development of the Marathon Project, a large undeveloped platinum group metal Mineral Resource in North America
- Generation Mining Limited (GENM) is up 5.81 per cent and is trading at C$0.91 at 12:53 pm ET
Generation Mining Limited (GENM) has been granted approval for a feasibility study and a decision date for the Sibanye ownership increase notice.
The management committee includes two representatives from Gen Mining and two from Sibanye-Stillwater.
Gen Mining has 80.7 per cent of the management committee votes in accordance with its proportional rights under the JVA, with Sibanye-Stillwater holding the remaining 19.3 per cent.
Gen Mining, as the operator of the project, will issue a further announcement when a commercial production decision has been reached.
Sibanye-Stillwater would also maintain the obligation to fund its proportionate share of costs based on its then current participating interest.
Should this option be exercised, Sibanye-Stillwater would have a 51 per cent interest in the Marathon Project and would have the option of becoming the operator of the project in accordance with the terms of the JVA.
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped platinum group metal Mineral Resource in North America.
Generation Mining released the results of the Feasibility Study on March 3, 2021, and published the NI43-101 Technical Report dated March 25, 2021.
The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometres.
Gen Mining owns an 80.7 per cent interest in the Marathon project, with the remaining interest owned by Sibanye.
Generation Mining Limited (GENM) is up 5.81 per cent and is trading at C$0.91 at 12:53 pm ET.