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NEWS: Proposed Schedule 2 mine in Ontario bought by American corporation

Northern Ontario Business reports that, “A Montana base metal miner is acquiring a future PGM-copper mine on the north shore of Lake Superior. Stillwater Mining has entered into an agreement to acquire all outstanding shares of Marathon PGM… The transaction has been unanimously approved by the boards of directors of both companies and is expected to be completed by late November.”

“The property, located just north of the town of Marathon in northwestern Ontario, is expected to produce 200,000 ounces annually of platinum and palladium for up to 12 years, with more potential to the west at the nearby Geordie Lake Project.”

Marathon PGM has proposed options to dispose of the tailings that would result from the mine. It is currently pursuing the ‘South Option’. As explained in the media,“The South Option, involves the loss of 44 ponds and 30 streams. One of the estimated twelve dams required for this option would be approximately 89 meters high – the height of a 27 story building – and half a kilometre wide.” The company is applying for the needed federal and provincial permits (including a Schedule 2 exemption) and plans to have the mine in production by 2013.

It is also of interest to us that Marathon PGM will hold a special meeting of shareholders on November 15 in Toronto.

For Council of Canadians campaign blogs on Bamoos Lake, please go to http://canadians.org/campaignblog/?s=%22bamoos%22.

The Northern Ontario Business report is at http://www.northernontariobusiness.com/Around-the-North/100913/Marathon-PGM-acquired-by-Stillwater-Mining.aspx.

Thank you to a Council of Canadians member for alerting us to this news story.