Franco-Nevada Pays Inmet $1B For Panama Mine's Metals

Law360, New York (August 20, 2012, 5:30 PM EDT) -- Precious metals financier Franco-Nevada Corp. plunked down a $1 billion advance payment for gold and silver from Inmet Mining Corp.’s Cobre Panama project, which will help Inmet finance its share of the $6.2 billion mine, the firms announced Monday.

The deal gives Inmet $4.2 billion of the $4.8 billion it needs to cover its 80 percent of the capital costs for the project but does not touch the 20 percent slice owned by Inmet’s development partner, a consortium of LS-Nikko Copper Inc. and Korea Resources Corp.,...
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