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Franco Nevada
Tasiast, Mauritania
Location: Mauritania
Operator: Kinross Gold Corporation
Royalty: NSR: 2%
Last Updated: May 26, 2014

Tasiast

Franco-Nevada has a 2% NSR royalty on the Tasiast project operated by Kinross Gold Corporation (“Kinross”). Franco-Nevada’s royalty first became payable in third quarter 2011. Kinross acquired control of Tasiast in September 2010 pursuant to its acquisition of Red Back Mining Inc. The royalty originally covered three large permit areas in Mauritania, West Africa of which the most prominent is Tasiast with a currently reported mining license area of 312 km2 and a total exploration license area of 3,118 km2.

Kinross released an updated PFS for Tasiast in April 2013 which concluded that a new 38,000 tpd mill would be expected to provide the optimum economics for an expanded project. This would replace the existing 8,000 tpd mill. A full feasibility study for the 38,000 tpd mill is expected to be presented in 2014. However, higher gold prices would likely be required to proceed.

In 2013, Tasiast produced 248,000 ounces of gold compared to185,000 ounces of gold produced in 2012. The increased production was due to increased tonnes processed, higher grade and better recoveries. Kinross provides regional guidance and not individual asset guidance but did state that Tasiast should benefit from improved grades in 2014.

  2013 2012 2011
Revenue to Franco-Nevada ($ million): $ 6.6 $ 6.4 $ 2.8 

Tasiast

March 26, 2014