Subsidiaries of Franco-Nevada Corporation and Inmet Mining Corporation entered into a precious metal streaming agreement for the Cobre Panama copper project, one of the world's largest copper-gold-silver-molybdenum porphyry deposits currently being constructed. Inmet owns 80 per cent and Korea Panama Mining Corp. owns 20 per cent of Minera Panama, S.A. (MPSA), owner and developer of the Cobre Panama project. Franco-Nevada (Barbados) Corporation, a wholly owned subsidiary of Franco-Nevada, will provide the US$1 billion deposit, secured by a pledge of Inmet's interests in MPSA, which will be used to fund a portion of the Cobre Panama project capital costs.
Jacqueline Jones, Chief Legal Officer and Corporate Secretary at Franco-Nevada, led a team which included Canadian counsel Gowling Lafleur Henderson LLP with a team led by Kathleen Ritchie with Merie-Anne Beavis and Chris Alam (project finance); Stuart Breen (mining) and Brent Kerr (tax); as well as Leslie Gord and Michael Macaulay (mining); Shoshanah Webber (project finance) and Peter Murphy, Jonathan Behar and Alexander Lalka (corporate/M&A). Franco-Nevada's Panama counsel was Fabrega Molino & Mulino with Jose Agustin Preciado, Ana Lorena Morales, Ana Lucrecia Tovar, Juan Pablo Fabrega and Liza McPherson. Luxembourg counsel was Loyens & Loeff, Avocats à la Cour with Judith Raijmakers, Antoine Fortier and Muriel Piquard. Barbados counsel was Chancery Chambers with Niara Fraser.
Steven Astritis, Vice President, Legal and Corporate Affairs; and Sheldon Vanderkooy, Director, Legal Affairs at Inmet Mining Corporation; led a team which included Canadian counsel Torys LLP with a team led by Ian Arellano with Scott Kraag (project finance) and Michael Amm, Eric Foster, Simon Williams and Rory McGillis (corporate/M&A). Inmet's Panama counsel was Morgan & Morgan with Inocencio Galindo and Aristides Anguizola. Luxembourg counsel was Kaufhold Ossola & Associés with Emmanuel Reveillaud, Esbelta Des Freitas and Fleur Ouzilou.