Franco-Nevada acquires US$500 million precious metals stream from Glencore

On February 26, 2016, Franco-Nevada Corporation (Franco-Nevada) completed the acquisition, through a wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation, of a precious metals stream with Narila Investments Ltd. (Narila), a wholly-owned subsidiary of Glencore plc (Glencore), for the delivery of gold and silver calculated by reference to production from the Antapaccay mine. The Antapaccay mine is located in southern Peru and is wholly-owned and operated by Glencore and its subsidiaries. Franco-Nevada made a one-time advance payment of US$500 million to Narila for the stream. 

Antapaccay is a major, low-cost, brownfield expansion of the Tintaya copper mine in southern Peru, located approximately 10 kilometers from the Tintaya open pit mine. 

Franco-Nevada Corporation was represented by an in-house team of Lloyd Hong, Chief Legal Officer and Corporate Secretary and Christian Thatcher, Legal Counsel. Michael Amm, Philip Mohtadi, Melissa Prado, Alexandra Goldstein (corporate/mining), Adam Delean (financing) and Craig Maurice (tax) from Torys LLP provided external support. 

Glencore was represented by internal legal counsel Matthew Weber. Roger Taplin, Adam Taylor, Adam Wanke and Steven Molnar from McCarthy Tétrault LLP provided external support.