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Bald Mountain (Au)


Location: Nevada, United States
Royalty: NSR/GR: 0.875-5%

The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada, approximately 110 km southeast of Elko. Ore is sourced from multiple open-pits over an estimated 600 km2 property with processing at multiple conventional heap leaching facilities. Bald Mountain is the largest mine site by area in the U.S. It stretches 40 km north to south and 15 km east to west and is divided in three zones: North Zone, South Zone and JV Zone. At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% of the North and South Zones while forming a 50/50 exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV area that it did not already own.

Franco-Nevada’s Bald Mountain royalties cover a significant portion of the Bald Mountain property. Royalty rate range from 0.875%-5% NSR/GR. A detailed map of our royalties is shown in the schematic.

Bald Mountain produced a record 284,646 ounces in 2018, slightly better than the 282,715 ounces produced in 2017. The difference in revenue recognized by Franco-Nevada in 2018 versus 2017 is due to timing of sales by Kinross (Franco-Nevada royalty is based on sales and not production) as well as greater production from areas that have higher royalty rates. Kinross does not provide asset specific guidance.

The Vantage Complex in the South Zone is progressing well, with construction of the heap leach approximately 85% complete, and the vertical carbon-in-column plant is approximately 30% complete. Commissioning of the heap leach and processing facilities remain on track to begin during the first quarter of 2019 despite some minor challenges according to Kinross. Mining activities at the Vantage Complex have commenced and initial ore is now being mined and stockpiled in preparation for placement on the new heap.

In 2018, drilling at Redbird, Saga, and Winrock added 260,000 ounces of gold to the Inferred Mineral Resource estimate. For 2019, Kinross is increasing exploration spending to $12 million from $10 million in 2018 which will focus on upgrading estimated Mineral Resources to Mineral Reserves. In addition, exploration is also expected to focus on targets within the Central Zone, which was previously the JV area.


  • Record annual production in 2018
  • Construction of the Vantage Complex in South Zone progressing
  • Consolidated ownership of the JV zone, now referred to as the Central Zone

2018 2017 2016
Revenue to Franco-Nevada ($ million) $ 14.5 $ 6.4 $ 3.9

Bald Mountain