Franco-Nevada Adds Additional Cobre Panama Metals Stream
Franco-Nevada Corp. (TSX, NYSE: FNV) says subsidiary Franco-Nevada (Barbados) Corp. has agreed to acquire a precious-metals stream on Korea Resources Corp.’s (KORES) 10% indirect interest in the Cobre Panama project for $178 million. Terms are the same as the $178 million stream announced in September in connection with the First Quantum Minerals Ltd. acquisition of a separate 10% interest from LS-Nikko Copper Inc. FNB, First Quantum and KORES have entered into a purchase agreement, with closing expected at the end of January. Upon closing, FNB will have precious-metal stream interests covering 100% of the ownership of Cobre Panama, Franco Nevada says. In addition, FNB now expects to fund the combined $356 million without a syndication partner, the company adds. Previously, CEF Holdings Ltd. was named as a possible one-third syndication partner. “We are pleased to have KORES as a new partner. KORES has supported the construction of Cobre Panama since the start of the project,” said David Harquail, chief executive officer of Franco-Nevada. “First Quantum has now substantially de-risked the project and expects to begin phased commissioning in late 2018 with continued ramp-up over 2019. Cobre Panama is expected to add materially to Franco-Nevada’s growth profile beginning in 2019.”
By Allen Sykora of Kitco News; email@example.com
Lundin Gold Secures Debt Facility For Fruta Del Norte
Monday January 22, 2018 09:03
Lundin Gold Inc. (TSX, OMX: LUG) says it has received commitments from a syndicate of five lenders for a senior secured project finance facility of $300 million to fund the development and construction of its Fruta del Norte gold project in Ecuador. "The project remains on schedule and on budget to achieve first gold production by the end of 2019," says said Ron Hochstein, president and chief executive officer.