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Volume 729,065
December 13, 2017
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December 13, 2017
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December 13, 2017
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Location: Australia
Operator: Millmerran Power Management Pty Ltd
Royalty: GR: 5.82-12.47%

Franco-Nevada holds a variable rate gross revenue royalty on coal production from the Commodore coal mine located in the Surat Basin in Queensland. The royalty rate is equal to the state government royalty rate for coal, a graduated royalty rate of 7% to 15% depending on the value, of which Franco-Nevada has an 83.125% share. The Commodore coal mine was developed to feed the adjacent Millmerran Power Station, which commenced operation in 2003. Both the mine and the power station had an initial 40 year life. Royalty payments have been received in past years but mining operations are currently off royalty lands. Franco-Nevada has been advised that substantial unmined Mineral Reserves remain on royalty ground and mining is expected to return to the royalty lands.