Business
Franco-Nevada Reports Q2 2024 Results; New Mine Start-ups and Acquisitions
New Mine Start-ups and Acquisitions (in U.S. dollars unless otherwise noted) TORONTO, Aug. 13, 2024 /CNW/ - "Franco-Nevada benefited from record gold prices
About this update from Franco-nevada Corporation
[{"type":"text","content":" New Mine Start-ups and Acquisitions (in U.S. dollars unless otherwise noted) TORONTO, Aug. 13, 2024 /CNW/ - \"Franco-Nevada benefited from record gold prices in the quarter and realized higher revenues and cash from operations compared to Q1 2024,\" stated Paul Brink, CEO. \"However, our year over year results were lower without the contribution from Cobre Panama and due to lower production at Candelaria and Antapaccay. Results for the second quarter include a catch-up of higher tax rates due to tax measures enacted in response to the OECD's Global Minimum Tax initiative. In the second half of the year, we expect stronger contributions from Candelaria and growing contributions from Tocantinzinho, Greenstone and Salares Norte which have all recently commenced production. We expect to be at the lower end of our GEO guidance range, taking into account lower relative prices from our other commodities. We are pleased to have added two potentially long-life assets to the portfolio subsequent to the quarter: a gold stream on SolGold's Cascabel copper-gold development project in Ecuador and an existing royalty on Newmont's Yanacocha operations in Peru.\" Financial Highlights – Q2 2024 compared Q2 2023 110,264 GEOs sold in the quarter, a decrease of 35% (16% decrease excluding Cobre Panama) $260.1 million in revenue, a decrease of 21% (1% increase excluding Cobre Panama) $221.9 million in Adjusted EBITDA, or $1.15/share, a decrease of 20% (2% increase excluding Cobre Panama) $194.4 million in operating cash flow, a decrease of 26% $69.8 million of additional income tax expense resulting from tax measures enacted in relation to the Global Minimum Tax (\"GMT\") initiative, of which $23.9 million is current tax expense and $45.9 million is non-cash deferred tax expense $79.5 million in net income, or $0.41/share, a decrease of 57% $144.9 million in Adjusted Net Income, or $0.75/share, a decrease of 21% Quarterly dividend of $0.36/share effective Q1 2024, an increase of 5.88% Strong financial position with no debt and $2.4 billion in available capital as at June 30, 2024 Sector-Leading ESG Rated #1 precious metals company and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG Committed to the World Gold Council's Responsible Gold Mining Principles Partnering with our operators on community and ESG initiative...