Stillwater Mining Company has completed the acquisition of Marathon PGM and its mine development project in northwestern Ontario.
The project is undergoing an environmental assessment in preparation for production. The Billings, Montana base metal miner first announced the acquistion agreement in September.
“With the transaction complete we look forward to working with the communities in and around Marathon...and with government authorities in moving the project forward through environmental permitting to subsequent engineering and project development,” said Stillwater chairman and CEO Frank McAllister in a release.
The outgoing management of Marathon PGM are spinning out their gold assets into a new company, Marathon Gold Corp., and will be focusing on its properties in Newfoundland.
Marathon PGM president Phillip Walford said closing the transaction represents “our biggest milestone to date” and that the company is looking forward to “replicating our success” with the launch of Marathon Gold.
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