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Salares Norte (Au & Ag)

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 recently completed a feasibility study for the project which included a maiden Mineral Reserve containing 3.5 million ounces of gold and 39.3 million ounces of silver (21.1 million tonnes @ 5.1 g/t gold and 57.9 g/t silver). The feasibility study envisages an open pit mining operation and an initial mine life of 11.5 years producing 450,000 ounces of gold equivalent per year for the first 7 years. The environmental impact assessment was accepted for review in July 2018 with an 18-24 month review period anticipated. Detailed engineering is underway and Gold Fields estimates that construction could commence in late 2020.


  • Royalty acquired in January 2019
  • Feasibility report estimates an initial 11.5 year mine life
  • Maiden Mineral Reserve in conjunction with feasibility report
  • Environmental impact assessment submitted

2018 2017 2016
Revenue to Franco-Nevada ($ million) $ - $ - $ -

Salares Norte