Franco-Nevada (FN - TSE) - zero debt, cash rich royalty co. Message Board

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Gold/Mining/Energy : Franco-Nevada (FN - TSE) - zero debt, cash rich royalty co.

FN 440.57

+0.6%

Oct 31 5:00 PM EST

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To: geoffb_si who wrote (441)	6/13/2001 4:22:51 PM
From: Traveling Man	of 511

Geoff, As I understand the report,what they are saying is they are running into brick walls looking for royalties anymore. They flatly state that they are having real difficulty finding royalties to spend their cash on,for instance. For instance,the Stillwater royalty would be exorbitant to purchase now with the extreme high price of platinum. On the other hand,the "potential new" AU royalties are vanishing because there is no new research for the commodity to speak of. I may be misunderstanding what they meant in the report,but this was the gist I got from it. They really emphasized the new theory of growing the revenues through Normandy type investments in the future where they own non controlling share numbers. They also emphasize that in their opinion,the industry is ripe for a huge consolidation and they plan on being a large player is whatever occurs. They say their cash horde places them in an enviable bargaining position regardless of what happens and they intend to own ~ 20% of a few of the survivors apparently. TM

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