Franco-Nevada Reports Q2 2013 Results

About this update from Franco-nevada Corporation

[{"type":"text","content":"\n\n\nTORONTO, Aug. 7, 2013 /CNW/ - Franco-Nevada Corporation (TSX: FNV; NYSE:\n FNV) today reported its financial results for the second quarter ended\n June 30, 2013.\n\n\nHighlights include:\n\n\n\nNet income of $21.6 million or $0.15 per share;\n\n\n\n\nAdjusted EBITDA of $75.2 million or $0.51 per share;\n\n\n\n\nThree gold royalty transactions completed for $62.0 million;\n\n\n\n\nWorking capital at end of quarter of $835.8 million and no debt;\n\n\n\n\nTom Albanese, former CEO of Rio Tinto plc, joins the Board; and\n\n\n\n\nDividend reinvestment plan adopted.\n\n\n\n\n\n\n\"Franco-Nevada's royalty business model has proven robust despite lower\n gold prices. Cash-flow generation remains very strong and no material\n impairments have been recognized. Operations are profitable and\n performing in line with our expectations with no changes to our\n previous guidance,\" said David Harquail, President and CEO.  \"For the\n second half of the year, we are looking forward to the ramp-up of\n production at Detour Lake and Peculiar Knob and the start of production\n at Duketon-Rosemont.  We are also looking forward to First Quantum's\n revised plans for the Cobre Panama project now expected in the fourth\n quarter and the possible permitting of the Augusta-Rosemont project. \n We continue to add small gold assets to the portfolio and expect more\n investments will be closed this year.  I personally would like to\n welcome Tom Albanese who will add further strength to an already strong\n Franco-Nevada board.\"\n\n\nFinancial Results \n\n\nGold Equivalent Ounces(1) (\"GEOs\") earned by Franco-Nevada from its royalty and stream mineral\n interests for the three and six months ended June 30, 2013 were 53,292\n and 111,580, respectively, representing decreases of 8.7% and 2.0%,\n respectively, over the comparable periods in 2012. In addition, the oil\n & gas assets generated $18.2 million and $32.1 million, respectively,\n in revenues during the same periods compared to $9.0 million and $19.5\n million, respectively, in 2012. Revenue was earned 77% from precious\n metals (67% gold and 10% PGMs) and 81% from North America and Australia\n (33% Canada, 21% U.S., 22% Mexico and 5% Australia).\n\n\nFor the second quarter, the Company earned net income of $21.6 million,\n or $0.15 per share, compared to $36.9 million,...

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