Franco-Nevada owns both a 0.375% GR royalty and a 0.25% NPI on lands including the Mt Keith nickel mine in Western Australia operated by BHP Billiton Ltd. (“BHP”). The 0.375% GR royalty was acquired by Franco-Nevada effective September 1, 2009 for A$20m. Mt Keith is a large, low-grade disseminated sulphide ore body and the world’s largest open-pit nickel mine. Mt Keith has a mining rate of approximately 40 million bcm/annum. Concentrator ore throughout is approximately 11.5 million tonnes/annum with 60-70% recoveries. The production capacity is 35-40,000 tonnes/annum of nickel in concentrate, at approximately 20% nickel grade. Mining commenced in 1993 with the first nickel concentrate produced in 1994. BHP reported that Mt Keith has an estimated mine life of 14 years.