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Volume 656,029
February 24, 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. There was no production from the royalty area in 2015 but Franco-Nevada has been advised that substantial unmined Mineral Reserves remain on royalty ground.