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Franco-Nevada re-issues guidance

Kitco News


During the second quarter Franco Nevada (TSE:FNV) said it sold 104,330 gold equivalent ounces bringing the company $195.4 million in revenue.

Gold equivalent ounces sales were down slightly from the same period a year ago, which was 107,774. The company said lower contributions from Antapaccay, Goldstrike and Sabodala were partly offset by higher contributions from Cobre Panama and Hemlo.

Company CEO Paul Brink said some operations were curtailed.

“We recognise the efforts of our operators and their related communities during this difficult period”, stated Brink. “Of our original 56 cash generating mining assets, 15 experienced some form of temporary curtailment in Q2. All except Golden Highway have since resumed operations. The return to normal operations and higher gold prices makes us optimistic about the second half. In addition, we see the potential for longer-term organic growth from our over 240 exploration and development royalties due to increased capital available to the gold sector."

Franco-Nevada re-ssued guidance and expects attributable royalty and stream sales to total 475,000 to 505,000 GEOs from its mining assets.

The company also declared a quarterly dividend of $0.26 per share.


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