MWS (Au)

LOCATION: South Africa, Rest of World
OPERATOR: Harmony Gold Mining Company Limited
STREAM: 25% Gold Stream

Franco-Nevada, through its acquisition of Gold Wheaton in March 2011, receives 25% of gold produced from the Mine Waste Solutions (“MWS”) project. MWS is a gold and uranium tailings recovery operation located near Stilfontein, approximately 160 km west of Johannesburg, South Africa. The operation processes multiple tailings dumps in the area through three production modules. It also includes a modern tailings storage facility approximately 15 km from the gold plant. Franco-Nevada makes ongoing payments equal to the lesser of $400/ounce of payable gold (subject to a 1% annual inflation that commenced December 2012) and the spot price for gold. The current ongoing price is equal to $437.47 per ounce of gold as of December 2020.

In September 2020, Harmony Gold Mining Company Limited (“Harmony”) acquired MWS from AngloGold Ashanti Limited (“AngloGold Ashanti”). AngloGold Ashanti had purchased the operation from First Uranium Corporation in July 2012. As part of the AngloGold Ashanti purchase, Franco-Nevada amended the agreement and is now entitled to receive 25% of all the gold produced through the MWS plant, including treatment of AngloGold Ashanti’s tailings, until Franco-Nevada has received 312,500 ounces of gold.

In 2020, Franco-Nevada sold 23,430 ounces of gold that had been received under the agreement, compared with 26,323 ounces of gold sold in 2019. As at December 31, 2020, Franco-Nevada has received 217,735 ounces of gold of the 312,500 ounce cap since the amendment of the agreement.


  • Franco-Nevada is entitled to 25% of all gold produced until 312,500 ounces are received
  • Limited upside given production cap on payments

2020 2019 2018
Revenue to Franco-Nevada ($ million) $ 41.8 $ 37.1 $ 32.9