TSX:FNV 96.53 -0.89 -0.91%
Volume 314,497
June 27, 2017
NYSE:FNV 73.25 -0.29 -0.39%
Volume 255,828
June 27, 2017
Gold 1,246.30 -9.90 -0.79%
Volume 269
June 26, 2017
Contact Share

Location: South Africa
Operator: Lonmin plc/Mvelaphanda Resources
Royalty: NPI: 5%

The Pandora property forms part of the Bushveld complex approximately 40 km east of the town of Rustenburg, South Africa. On November 10, 2016, Lonmin plc announced plans to acquire Anglo American Platinum Limited’s 42.5% interest in the Pandora Joint Venture, increasing Lonmin plc’s interest in the project from 50% to 92.5%. The other 7.5% interest is held by Mvelaphanda Resources. Franco-Nevada has a 5% NPI royalty on a portion of the Pandora operation including a small minimum annual payment of ZAR 100,000. The mine is an underground operation and exploits the UG2 reef horizon with access via a decline from surface. A shaft deepening project was completed in 2013 accessing the newly developed 9 and 10 levels. The majority of planned future mining is covered by Franco-Nevada’s 5% NPI royalty. Pandora has fallen short of its operating plans over the last few years and not generated a profit. New management are expecting operating improvements.