/* Style Definitions */
mso-padding-alt:0in 5.4pt 0in 5.4pt;
font-family:”Times New Roman”;
Marathon Resources will be paid $5 million following the South Australian Government’s decision to ban mining in the Arkaroola wilderness sanctuary.
In accepting the money Marathon has agreed to drop legal action against the SA Government.
In a statement Marathon Resources chairman Peter Williams said the company was satisfied with the settlement.
"Whilst the company would have preferred to have had the opportunity to realise the mineral potential of Mt Gee and surrounding prospects, the settlement goes some way to recognising the shareholder value lost as a result of the ban on mining at Arkaroola," he said.
"The board is pleased that this difficult period for the company has come to an end."
But in a statement today SA Greens MLC Mark Parnell slammed the compensation payment.
“This is a disgrace – Marathon Resources don’t deserve it and shouldn’t get it,” he said.
“[Marathon Resources] well and truly lost their social licence to explore in Arkaroola years ago. There is absolutely no legal or moral obligation to pay them a cent."
Late last year Marathon commenced legal action against the Government after former SA Premier Mike Rann introduced laws to permanently ban mining in Arkaroola.
The move followed a freedom of information request by the company inquiring as to how the Government reached its decision.
Marathon had spent millions of dollars exploring and had plans to develop a uranium mining project within Arkaroola.