Franco-Nevada Adds Additional Cobre Panama Metals Stream
Franco-NevadaCorp. (TSX, NYSE: FNV) says subsidiary Franco-Nevada (Barbados) Corp. hasagreed to acquire a precious-metals stream on Korea Resources Corp.’s (KORES)10% indirect interest in the Cobre Panama project for $178 million. Terms arethe same as the $178 million stream announced in September in connection withthe First Quantum Minerals Ltd. acquisition of a separate 10% interest fromLS-Nikko Copper Inc. FNB, First Quantum and KORES have entered into a purchaseagreement, with closing expected at the end of January. Upon closing, FNB willhave precious-metal stream interests covering 100% of the ownership of CobrePanama, Franco Nevada says. In addition, FNB now expects to fund the combined$356 million without a syndication partner, the company adds. Previously, CEFHoldings Ltd. was named as a possible one-third syndication partner. “We arepleased to have KORES as a new partner. KORES has supported the construction ofCobre Panama since the start of the project,” said David Harquail, chief executiveofficer of Franco-Nevada. “First Quantum has now substantially de-risked theproject and expects to begin phased commissioning in late 2018 with continuedramp-up over 2019. Cobre Panama is expected to add materially toFranco-Nevada’s growth profile beginning in 2019.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Lundin Gold Secures Debt Facility For FrutaDel Norte
Monday January 22, 2018 09:03
Lundin Gold Inc. (TSX,OMX: LUG) says it has received commitments from a syndicate of five lenders fora senior secured project finance facility of $300 million to fund the developmentand construction of its Fruta del Norte gold project in Ecuador. "Theproject remains on schedule and on budget to achieve first gold production bythe end of 2019," says said Ron Hochstein, president and chief executiveofficer.
By Allen SykoraFor Kitco News
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