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MWS (Au)

LOCATION: South Africa
OPERATOR: AngloGold Ashanti Limited

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.

AngloGold Ashanti Limited (“AngloGold Ashanti”) 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, starting on January 1, 2012. In 2018, Franco-Nevada sold 25,917 ounces of gold that had been received under the agreement (28,397 ounces sold in 2017). As at December 31, 2018, Franco-Nevada has received 167,983 ounces of gold of the 312,500 ounce cap since the amendment of the agreement.


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

2018 2017 2016
Revenue to Franco-Nevada ($ million) $ 32.9 $ 35.8 $ 27.1