Subject:
Franco-Nevada Mining Corporation Limited
Date:
Tue, 26 Oct 1999 09:41:47 -0400
From:
portfolio@newswire.ca
To:
"Portfolio Email User" <portfolio@newswire.ca>
Attention Business/Financial Editors:
Franco-Nevada Mining Corporation Limited
TORONTO, Oct. 26 /CNW/ -
Unaudited results for the second quarter ended September 30 are as
follows:
---------------------------------------------------
Operating Results 1999 1998 % Change
-----------------
---------------------------------------------------
Revenues $ 60,473,000 $ 30,407,000 99%
---------------------------------------------------
Cash flow 37,520,000 24,947,000 50%
---------------------------------------------------
Net earnings
after tax 27,791,000 16,208,000 71%
---------------------------------------------------
Earnings per share $ 0.18 $ 0.11 64%
------------------
---------------------------------------------------
---------------------------------------------------
Financial Position
------------------
---------------------------------------------------
Debt Nil Nil
---------------------------------------------------
Working capital
and market
value of
securities $ 1,026,895,000 $ 826,117,000 24%
---------------------------------------------------
---------------------------------------------------
Unaudited results for the six months ended September 30 are as
follows:
---------------------------------------------------
Operating Results 1999 1998 % Change
-----------------
---------------------------------------------------
Revenues $ 116,866,000 $ 59,821,000 95%
---------------------------------------------------
Cash flow 72,295,000 49,508,000 46%
---------------------------------------------------
Net earnings
after tax 53,294,000 32,059,000 66%
---------------------------------------------------
Earnings per share $ 0.34 $ 0.21 62%
---------------------------------------------------
---------------------------------------------------
Franco-Nevada (FN:TSE) reports record second quarter and first half
earnings despite gold falling to a 20 year low during the quarter,
reaching US
$252.80 per ounce in July. The increase in earnings is attributable to
the new
Ken Snyder Mine that began operations in January, 1999. During the
quarter,
the mine produced 54,095 ounces of gold and 556,785 ounces of silver,
or
65,231 gold equivalent ounces. On an annualized basis, Ken Snyder is
producing
at a rate of over 260,000 equivalent ounces.
Franco-Nevada is the leading international precious metals royalty
company and fifth largest gold company in the world. The Company has
royalty
interests in the foremost precious metals producing regions of North
America,
including the Carlin Trend, Hemlo and Eskay Creek. It also holds
producing
royalty interests in Australia and Indonesia.
Franco-Nevada has one of the strongest balance sheets in the
industry.
The Company is debt free and has over $1 billion of working capital and
marketable securities.
For the Company's full quarterly report please go to our website at
www.franco-nevada.com.
%SEDAR: 00002195E
-0- 10/26/1999
For further information: Ron Binns, Chief Financial Officer at (416)
480-6490 or Sandip Rana, Treasurer at (416) 480-6495
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