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Franco-Nevada Provides Updates on Cobre Panama, Timing of Release of 2013 Results and 2014 Outlook
TORONTO , Jan. 28, 2014 /CNW/ - Franco-Nevada Corporation ("Franco-Nevada") (TSX: FNV, N...
About this update from Franco-nevada Corporation
[{"type":"text","content":"\n\n\nTORONTO, Jan. 28, 2014 /CNW/ - Franco-Nevada Corporation\n (\"Franco-Nevada\") (TSX: FNV, NYSE: FNV) is pleased to provide the\n following updates:\n\n\nCobre Panama Project\n\n\nIn August 2012, Franco-Nevada announced a $1 billion precious metals\n stream financing with Inmet Mining Corporation (\"Inmet\") for the Cobre\n Panama project.  Under the terms of that agreement, Franco-Nevada\n committed to fund up to $1 billion after an initial $1 billion had been\n spent by Inmet.   In December 2012, Inmet updated its mine plan to\n incorporate additional reserves.  In March 2013, Inmet was acquired by\n First Quantum Minerals Ltd. (\"First Quantum\").  First Quantum today has\n provided a further update on the Cobre Panama project with the\n following highlights from a Franco-Nevada perspective:\n\n\n\nLarger project:  The revised project will have installed capacity approximately 17%\n higher than the Inmet plan.\n\n\n\n\nRevised development timeframe:  First concentrate production is now expected in Q4 2017.\n\n\n\n\nComparable capital cost: Capital is now estimated at $6.4 billion including $1,465 million\n incurred at November 30, 2013.\n\n\n\nAdditional details about the revised Cobre Panama project is available\n in First Quantum's disclosure.  Franco-Nevada has not yet started to\n contribute to the project as First Quantum was revising its mine\n plans.  First Quantum has also requested changes to the existing\n security and reporting requirements under the stream agreement. \n Franco-Nevada will consider changes to achieve a mutually beneficial\n outcome.\n\n\n2013 Results and 2014 Outlook\n\n\nFranco-Nevada intends to release fourth quarter and full year 2013\n results after market close on Wednesday, March 19, 2014.  A conference\n call and presentation is planned for the following morning on Thursday,\n March 20, 2014 at 10:00 a.m. Eastern Time to discuss the results as\n well as provide Franco-Nevada's 2014 outlook.  Interested investors are\n invited to participate as follows:\n\n\n\nVia Conference Call:  Toll-Free: (888) 231-8191; International: (647) 427-7450; Title:\n Franco-Nevada 2013 Results and 2014 Outlook.\n\n\n\n\nConference Call Replay: A recording will be available until March 27, 2014 at the following\n numbers: Toll-Free (855) 859-20...