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Franco Nevada Corp.

Publié le 14 décembre 2015

Private equity, pension funds eye more metal streaming deals

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Private equity, pension funds eye more metal streaming deals

VANCOUVER/TORONTO Dec 14 (Reuters) - Private equity and pension funds may provide the next wave of funding to the slumping mining sector through metal streaming deals as dedicated funding sources struggle to raise their own cash, industry sources said.

With many miners unwilling to issue equity given their weakened shares amid falling commodity prices, streaming may help them avoid credit downgrades and fund new mines.

About $4.5 billion worth of these deals, an alternative form of financing where miners are paid cash upfront for future output, have been inked this year, making 2015 a record year for metals streaming as miners slash debt five years into a commodities downturn.

But the bumper deal-making year has reduced the coffers of dedicated stream funders like Silver Wheaton Corp, which face their own challenges raising additional debt and equity.

Private equity groups and institutional investors, who are already minor players in the market, say this dynamic is likely to drive up returns, creating an opportunity to expand their presence.

"While the classical mineral royalty and streaming companies are tight on funds, you're going to see private equity and other investment type groups step up to the plate," said Douglas Silver, portfolio manager at Orion Resource Partners, a U.S.-based mining-focused private equity group.

Silver declined to disclose how much Orion would put into streaming deals in 2016, but said it intends to do more than in 2015. Orion, along with its partners, pumped more than $200 million into streaming transactions in 2015, equal to about half of that done by private equity and fund managers, according to a Thomson Reuters analysis of publicly announced deals.

Two sources at two North American-based institutional investors who declined to speak on the record as it is not fund policy to talk to the media, said they are interested in doing streaming deals if the price is right.

At current metals prices, returns on streaming deals are a mere 3-4 percent. But returns have already risen to mid-single digits on deals currently being negotiated, said a source at one of the streaming companies who is involved in several transactions.

Private equity groups and institutions are also able to bolt streaming onto a broader funding deal that could include debt and equity, resulting in a higher blended return.

An example is the $325 million construction financing package Lydian International signed earlier this month for its Armenia-based Amulsar gold project.

Potential new market entrants include CPPIB, Canada's top pension fund manager, and smaller fund PSP Investments.

Incumbents expected to increase their exposure include investment firm Blackstone Group LP, Quebec pension fund Caisse de depot et placement du Quebec, and private equity group Resource Capital Funds.

CPPIB, PSP, the Caisse, Resource Capital and Blackstone declined to comment.

To be sure, stream funders face risks including losing the money they front if a miner goes bankrupt as they typically would rank behind senior secured creditors such as banks or other project finance lenders.

There is as much as $4 billion worth of potential streaming opportunities available, Silver Wheaton's Chief Executive Randy Smallwood said in an interview on Nov. 4. Global miner Glencore is among those weighing such deals.

The world's five primary streaming and royalty companies, including Silver Wheaton, Franco-Nevada and Royal Gold , only have the capacity to fund about $2.4 billion worth of deals over the next year, with more than half of that amount funded by credit, RBC Capital Markets analyst Dan Rollins said in a Nov. 10 research note.

"Investors are becoming increasingly concerned with the use of debt to fund future stream acquisitions," BMO Capital Markets analyst Andrew Kaip said.

($1 = 1.3558 Canadian dollars) (Additional reporting by John Tilak and Matt Scuffham in Toronto; Editing by Alan Crosby)

Lire la suite de l'article sur finance.yahoo.com
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Franco Nevada Corp.

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Franco Nevada est une société de royalties minières de zinc et de plomb basée au Canada.

Franco Nevada est productrice de zinc, de plomb, d'argent, de cuivre, de nickel, d'or, de pgm, de platine et d'uranium en USA, au Canada, au Ghana, au Mexique, en Australie, en Afrique Du Sud, en Indonesie et en Mauritanie, en développement de projets d'argent, de cuivre, de molybdène, de nickel, d'or, de plomb et de zinc au Canada, en Grece et en Republique Dominicaine, et détient divers projets d'exploration en Australie et en Argentine.

Ses principaux projets en production sont BALD MOUNTAIN en USA, HEMLO, HOLLISTER, ROBINSON (NEVADA) et HOLLOWAY au Canada, NORTH LANUT et MT. MURO en Indonesie, EZULWINI, MARIGOLD, MESQUITE, PANDORA JV et (MWS) BUFFELSFONTEIN TAILING PROJECT en Afrique Du Sud, TASIAST en Mauritanie, CERRO SAN PEDRO, PALMAREJO, GOLDSTRIKE et STILLWATER MINE au Mexique, MOUNT KEITH - OC et MOUNT KEITH - SP en Australie et AHAFO SOUTH au Ghana, ses principaux projets en développement sont DEE PROJECT, TULSEQUAH CHIEF, ROSEMONT RANCH et PROSPERITY au Canada, PERAMA HILL en Grece et FALCONDO MINE en Republique Dominicaine et ses principaux projets en exploration sont DETOUR LAKE, EDSON, WEYBURN UNIT et MIDALE UNIT au Canada, TARICORI et PINSON au Perou, PECULIAR KNOB, ADMIRAL HILL et MOOLART WELL en Australie et CALCATREU en Argentine.

Franco Nevada est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 30,5 milliards CA$ (24,4 milliards US$, 21,4 milliards €).

La valeur de son action a atteint son plus bas niveau récent le 08 mars 2019 à 100,00 CA$, et son plus haut niveau récent le 15 août 2022 à 170,80 CA$.

Franco Nevada possède 178 480 000 actions en circulation.

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Rapports annuels de Franco Nevada Corp.
2007 Annual report
Financements de Franco Nevada Corp.
20/08/2012-Nevada and Inmet Agree to a $1 Billion Precious Metals Stre...
13/03/2008Announces Closing of Previously Announced Bought Deal Financ...
22/02/2008Announces C$232,500,000 Bought Deal Financing
Nominations de Franco Nevada Corp.
09/05/2013-Nevada Announces Election of Directors
Rapports Financiers de Franco Nevada Corp.
28/03/2008Reports Initial Financial Results and Year End Oil and Gas R...
Projets de Franco Nevada Corp.
07/10/2015Franco-Nevada to Acquire a Silver Stream on the Antamina min...
24/12/2014CANADA STOCKS-Gold miners nudge TSX higher, but energy stock...
27/09/2012Virginia and Franco Nevada jointly acquire the initial royal...
Communiqués de Presse de Franco Nevada Corp.
28/07/2016Coverage Initiated on Gold Stocks FrancoNevada, New Gold, De...
22/01/2016Codexis, Morgan Stanley, Goldcorp, Turquoise Hill Resources ...
21/01/2016Strike Gold This Earnings Season with 3 Stocks
14/12/2015Private equity, pension funds eye more metal streaming deals
11/12/2015S&P Dow Jones Indices Announces Changes to the S&P/TSX Canad...
30/11/2015Here is What Hedge Funds Think About Franco-Nevada Corporati...
27/11/2015Is Plum Creek Timber Co. Inc. (PCL) Going to Burn These Hedg...
15/10/2015Franco-Nevada To Release Third Quarter 2015 Results
06/10/2015First Quantum Minerals revises deal with Franco-Nevada
21/09/2015Miners turn to alternative finance to cut debt as downturn g...
11/08/2015Edited Transcript of FNV.TO earnings conference call or pres...
10/08/2015Franco-Nevada meets 2Q profit forecasts
10/08/2015Franco-Nevada Reports Q2 2015 Results and Declares Quarterly...
25/06/2015Franco-Nevada To Release Second Quarter 2015 Results
26/03/2015Franco-Nevada Files Year-End Disclosure Documents
26/03/2015-Nevada Files Year-End Disclosure Documents
25/03/2015Franco-Nevada Reports Strong Year-End 2014 Results, Increase...
25/03/2015Franco-Nevada meets 4Q profit forecasts
23/03/2015Cliffs to sell Ring of Fire assets to Noront
18/02/2015Franco-Nevada Declares 2015 First Quarter Dividend
18/02/2015-Nevada Declares 2015 First Quarter Dividend
11/02/2015Franco-Nevada To Release 2014 Results And Provide Outlook
14/01/2015Banks withdrawal opens doors for niche financiers in gold se...
05/11/2014Franco-Nevada beats 3Q profit forecasts
05/11/2014Franco-Nevada Reports Strong Q3 2014 Results and Declares Qu...
05/11/2014-Nevada Reports Strong Q3 2014 Results and Declares Quarterl...
06/10/2014-Nevada to Acquire a Gold & Silver Stream on Candelaria from...
07/05/2014-Nevada Reports Q1 2014 Results and Declares Increased Quart...
19/03/2014-Nevada Announces 2013 Year-End Results, Increases Dividend ...
28/01/2014-Nevada Provides Updates on Cobre Panama, Timing of Release ...
06/11/2013-Nevada Reports Q3 2013 Results
05/07/2013-Nevada to Release 2013 Second Quarter Results on August 7
05/07/2013-Nevada to Release 2013 Second Quarter Results on August 7
05/07/2013-Nevada to Release 2013 Second Quarter Results on August 7
29/04/2013-Nevada to Release 2013 First Quarter Results on May 8
20/03/2013-Nevada Files Year-End Disclosure Documents
13/11/2012-Nevada Announces Closing of Weyburn Net Royalty Interest Ac...
06/11/2012-Nevada Agrees to Acquire Weyburn Net Royalty Interest for C...
26/10/2012-Nevada Third Quarter 2012 Results Release and Conference Ca...
27/04/2012and Annual Meeting of Shareholders
01/12/2011Nevada and Lumina Royalty Complete Plan of Arrangement
24/11/2011Nevada and Lumina Royalty Announce Shareholder Approval of A...
22/09/2011[Franco-Nevada] Franco-Nevada to Acquire Lumina Royalty Corp...
22/09/2011-Nevada to Acquire Lumina Royalty Corp. for $66 million
06/09/2011[Franco-Nevada] Franco-Nevada Celebrates NYSE Listing
06/09/2011-Nevada Celebrates NYSE Listing
14/03/2011Nevada and Gold Wheaton Complete Plan of Arrangement
08/03/2011Gold Wheaton and Franco-Nevada Announce Shareholder Approval...
06/01/2011Agreement to Acquire Gold Wheaton
26/03/2008Annual General Meeting, Analyst Day and Financial Reporting ...
14/01/2008To Hold Analyst Working Session To Review Listing Materials
04/01/2008 Strengthens Management Team
31/12/2007Underwriters of Franco-Nevada's Initial Public Offering
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