A lift mechanism for and a corresponding use of a magnetron in a plasma sputter reactor. A magnetron rotating about the target axis is controllably lifted away from the back of the target to compensate for sputter erosion, thereby maintaining a constant magnetic field and resultant plasma density at the sputtered surface, which is particularly important for stable operation with a small magnetron, for example, one executing circular or planetary motion about the target axis. The lift mechanism can include a lead screw axially fixed to the magnetron support shaft and a lead nut engaged therewith to raise the magnetron as the lead nut is turned. Alternatively, the support shaft is axially fixed to a vertically moving slider. The amount of lift may be controlled according a recipe based on accumulated power applied to the target or by monitoring electrical characteristics of the target.