Sibanye-Stillwater has signed an acquisition agreement with Generation Mining (Gen Mining) for the development of the platinum group metals (PGM)-copper Marathon project in Canada.

Sibanye-Stillwater will receive an upfront payment of C$3m ($2.27m) in cash and 11,053,795 shares priced at C$0.27 ($0.20) a share in Gen Mining, upon completion of the agreement.

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Under the terms of the completion of the transaction, Gen Mining will acquire a 51% stake in the Marathon project as well as set up an unincorporated joint venture (JV) with Stillwater Canada.

The Marathon PGM-copper project is situated in northern Ontario. It is adjacent to Lake Superior.

The deposit is located 10km north of the town of Marathon, Ontario, and on the eastern margin of the Coldwell Complex, which is a proterozoic layered intrusion.

In May 2017, the Marathon project was purchased by Sibanye-Stillwater as part of the Stillwater acquisition.

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The agreement will enable Gen Mining to advance the development of the Marathon project and to complete further economic studies.

Sibanye-Stillwater CEO Neal Froneman said: “We are pleased to enter into this agreement which unlocks immediate value for the Group and ensures appropriate  investment and focus on the Marathon project, whilst we maintain our attention on our core US PGM operations.

“We look forward to working with Gen Mining to realize the potential of the property, increasing the value proposition for all stakeholders.”

The transaction is expected to close in mid-July 2019 and is subject to customary closing conditions.

Sibanye-Stillwater is a South African precious metals miner. It produces palladium and platinum.

In June this year, the firm reduced the number of jobs cuts from more than 6,000 to 3,450, following the proposed restructuring of its gold mining operations.

Based in Canada, Gen Mining is a mineral exploration and development company focusing on palladium, copper, zinc and molybdenum projects.