Franco-Nevada, Inmet in $1 billion funding deal

Franco-Nevada Corp (FNV.TO: Quote) FNV.N, which provides miners upfront cash in exchange for future production, said it will pay $1 billion to Inmet Mining Corp (IMN.TO: Quote) for the development of its Cobre Panama copper-gold project in Panama.

Toronto-based Franco-Nevada, which holds interests in precious metal, base metal, and oil and gas projects around the world, will get about 86 percent of precious metals output from Inmet's share of production from the mine.

Inmet, also based in Toronto, holds an 80 percent stake in the Cobre Panama project, which is expected to produce an annual average 266,000 tonnes of copper over 31 years, and about 87,000 ounces of gold and 1.5 million ounces of silver per year.

The remaining interest is owned by a Korean consortium that includes Korea Resources Corp KOREC.UL and LS-Nikko Copper Inc.

Read Full Article from Reuters Canada

- Posted: 2012-08-20 11:45:30

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