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Wednesday, 24th December 2008 (1378 views)

Franco-Nevada has entered into a $103.5 million (£70.4 million) deal to acquire a 7.29 per cent interest in Gold Quarry Royalty.

The agreements with private individuals are subject to certain conditions and are expected to close before December 31st 2008.

Located in the Carlin district of north-central Nevada, the Gold Quarry Royalty property covers around 522 acres and a portion of the Gold Quarry open pit mining operation of Newmont USA.

Franco-Nevada expects to continue to receive on average over 11,200 gold royalty ounces a year from its stake in Gold Quarry Royalty, based on historic reported payment data.

Toronto-based Franco-Nevada has a number of other gold royalties in Nevada as part of a portfolio of more than 285 royalty interests and the company generated around $40 million in royalty revenues during the quarter to September 2008.

The resource royalty and investment company is listed on the Toronto stock exchange and owns a portfolio that includes assets in production, under development or in the exploration phase.

 

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