Contact Share


Salares Norte (Au & Ag)

Salares Norte

Location: Chile, Latin America
Operator: Gold Fields Limited
Royalty: NSR: 2%

In early 2019, Franco-Nevada acquired an existing 2% NSR on the Salares Norte project being advanced by Gold Fields Limited (“Gold Fields”) in the Atacama region of Northern Chile. The royalty is subject to a 1% buyback by Gold Fields within 24 months of announcing commercial production for $6 million. Salares Norte is a blind epithermal gold and silver deposit and represents one of Gold Fields‘ key development projects. The royalty covers 9 km2 of the Salares Norte mining concession and an additional 12 km2 of concessions at the nearby Piedra concessions.

Gold Fields completed a feasibility study for the project in early 2019 which included a maiden Mineral Reserve containing 3.5 million ounces of gold and 39.3 million ounces of silver (21.1 million tonnes grading 5.1 g/t gold and 57.9 g/t silver). The feasibility study envisages an open-pit mining operation with an initial mine life of 11.5 years, producing 450,000 ounces of gold equivalent per year for the first 7 years. In December 2019, Gold Fields received approval from the Atacama Environmental Assessment Commission for the Environmental Impact Study on Salares Norte. In February 2020, Gold Fields’ board of directors decided to proceed with the construction of Salares Norte.

Capital expenditure on the project is scheduled over a 33-month period commencing in April 2020. Gold Fields expects first production in Q1 2023 with construction scheduled to commence in Q4 2020. District exploration yielded encouraging results in 2019 and Gold Fields expects to continue exploring near-mine step out potential in 2020.


  • Construction scheduled to commence in Q4 2020 with first production in Q1 2023
  • Feasibility report estimates initial 11.5 year mine life
  • Positive near-mine exploration serves to potentially extend mine life

2019 2018 2017
Revenue to Franco-Nevada ($ million) $ - $ - $ -

Salares Norte