Franco-Nevada (FNV) Adds Iron Ore Royalty Exposure
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Franco-Nevada Adds Iron Ore Royalty Exposure
April 19, 2021 6:53 AM EDTDesignated News Release(in U.S. dollars unless otherwise noted)
TORONTO, April 19, 2021 /PRNewswire/ - Franco-Nevada has acquired 14.7% of Vale's outstanding Participating Debentures ("Royalty Debentures") from the Brazilian Development Bank ("BNDES") and the Government of Brazil for $538M. The Royalty Debentures provide holders with life of mine net sales royalties on Vale's Northern and Southeastern Iron Ore Systems and on certain copper and gold operations (together, the "Royalty"). This transaction provides royalty exposure to some of the world's largest and most profitable integrated iron ore mines with reserve weighted mine lives of 30 years and potential for... More
