TSX:FNV 90.77 +0.06 +0.07%
Volume 446,787
April 20, 2018
NYSE:FNV 71.21 -0.38 -0.53%
Volume 566,791
April 20, 2018
Gold 1,335.88 -10.47 -0.78%
April 20, 2018
Contact Share

Location: South Africa
Operator: Lonmin plc/Mvelaphanda Resources
Royalty: NPI: 5%

The Pandora property forms part of the Bushveld complex approximately 40 km east of the town of Rustenburg, South Africa. On November 10, 2016, Lonmin plc announced plans to acquire Anglo American Platinum Limited’s 42.5% interest in the Pandora Joint Venture, increasing Lonmin plc’s interest in the project from 50% to 92.5%. The other 7.5% interest is held by Mvelaphanda Resources. Franco-Nevada has a 5% NPI royalty on a portion of the Pandora operation including a small minimum annual payment of ZAR 100,000. The mine is an underground operation and exploits the UG2 reef horizon with access via a decline from surface. A shaft deepening project was completed in 2013 accessing the newly developed 9 and 10 levels. The majority of planned future mining is covered by Franco-Nevada’s 5% NPI royalty. Pandora has fallen short of its operating plans over the last few years and not generated a profit. New management are expecting operating improvements.