(in U.S. dollars unless otherwise
noted)
TORONTO, Sept. 25, 2018
/PRNewswire/ - Franco-Nevada (Barbados) Corporation ("FNB") has learned of
an announcement of a Panamanian Supreme Court ruling in connection
to the constitutionality of Law 9 of 1997. Minera Panama, the
operating subsidiary of First Quantum Minerals Ltd., has advised
FNB as follows:
- Minera Panama's understanding is that the Supreme Court ruling
only affects the enactment of Law 9, and does not affect the mining
concession contract itself, which remains in effect, and which
allows continuity of development of the Cobre Panama project.
- Minera Panama is in the process of formally obtaining and
examining the ruling and its applicability and is working with
appropriate parties to identify suitable legal remedies. Such
remedies would need to be analyzed by the Supreme Court.
FNB has funded $1.33 billion of
its $1.356 billion funding
commitment towards the estimated $6.3
billion Cobre Panama project.
Forward Looking Statements
This press release contains "forward looking information" and
"forward looking statements" within the meaning of applicable
Canadian securities laws and the United States Private Securities
Litigation Reform Act of 1995, respectively, which may include, but
are not limited to, statements with respect to future events or
future performance, management's expectations regarding
Franco-Nevada's growth, results of operations, estimated future
revenues, carrying value of assets, future dividends and
requirements for additional capital, mineral reserve and mineral
resource estimates, production estimates, production costs and
revenue, future demand for and prices of commodities, expected
mining sequences, business prospects and opportunities and the
remedies relating to and consequences of the ruling of the Supreme
Court of Panama in relation to the
Cobre Panama project. Such forward looking statements reflect
management's current beliefs and are based on information currently
available to management. Often, but not always, forward looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budgets", "scheduled", "estimates",
"forecasts", "predicts", "projects", "intends", "targets", "aims",
"anticipates" or "believes" or variations (including negative
variations) of such words and phrases or may be identified by
statements to the effect that certain actions "may", "could",
"should", "would", "might" or "will" be taken, occur or be
achieved. Forward looking statements involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of Franco-Nevada to be
materially different from any future results, performance or
achievements expressed or implied by the forward looking
statements. A number of factors could cause actual events or
results to differ materially from any forward looking statement,
including, without limitation: fluctuations in the prices of the
primary commodities that drive royalty and stream revenue (gold,
platinum group metals, copper, nickel, uranium, silver, iron-ore
and oil and gas); fluctuations in the value of the Canadian and
Australian dollar, Mexican Peso and any other currency in which
revenue is generated, relative to the U.S. dollar; changes in
national and local government legislation, including permitting and
licensing regimes and taxation policies and the enforcement
thereof; regulatory, political or economic developments in
any of the countries where properties in which Franco-Nevada holds
a royalty, stream or other interest are located or through which
they are held; risks related to the operators of the properties in
which Franco-Nevada holds a royalty, stream or other interest,
including changes in the ownership and control of such operators;
influence of macroeconomic developments; business opportunities
that become available to, or are pursued by Franco-Nevada; reduced
access to debt and equity capital; litigation; title, permit or
license disputes related to interests on any of the properties in
which Franco-Nevada holds a royalty, stream or other interest;
whether or not Franco-Nevada is determined to have "passive foreign
investment company" ("PFIC") status as defined in Section 1297 of
the United States Internal Revenue Code of 1986, as amended;
potential changes in Canadian tax treatment of offshore streams;
excessive cost escalation as well as development, permitting,
infrastructure, operating or technical difficulties on any of the
properties in which Franco-Nevada holds a royalty, stream or other
interest; actual mineral content may differ from the reserves and
resources contained in technical reports; rate and timing of
production differences from resource estimates, other technical
reports and mine plans; risks and hazards associated with the
business of development and mining on any of the properties in
which Franco-Nevada holds a royalty, stream or other interest,
including, but not limited to unusual or unexpected geological and
metallurgical conditions, slope failures or cave-ins, flooding and
other natural disasters, terrorism, civil unrest or an outbreak of
contagious disease; and the integration of acquired assets. The
forward looking statements contained in this press release are
based upon assumptions management believes to be reasonable,
including, without limitation: the ongoing operation of the
properties in which Franco-Nevada holds a royalty, stream or other
interest by the owners or operators of such properties in a manner
consistent with past practice; the accuracy of public statements
and disclosures made by the owners or operators of such underlying
properties; no material adverse change in the market price of the
commodities that underlie the asset portfolio; Franco-Nevada's
ongoing income and assets relating to determination of its PFIC
status; no material changes to existing tax treatment; the expected
application of tax laws and regulations by taxation authorities;
the expected assessment and outcome of any audit by any taxation
authority; no adverse development in respect of any significant
property in which Franco-Nevada holds a royalty, stream or other
interest; the accuracy of publicly disclosed expectations for the
development of underlying properties that are not yet in
production; integration of acquired assets; risks related to the
completion of the transaction with Continental Resources, Inc.; and
the absence of any other factors that could cause actions, events
or results to differ from those anticipated, estimated or intended.
However, there can be no assurance that forward looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Investors are cautioned that forward looking statements are not
guarantees of future performance. Franco-Nevada cannot assure investors that actual
results will be consistent with these forward looking statements
and investors should not place undue reliance on forward looking
statements due to the inherent uncertainty therein. For additional
information with respect to risks, uncertainties and assumptions,
please refer to the "Risk Factors" section of Franco-Nevada's most
recent Annual Information Form filed with the Canadian securities
regulatory authorities on www.sedar.com and Franco-Nevada's most
recent Annual Report filed on Form 40-F filed with the SEC on
www.sec.gov. The forward looking statements herein are made as of
the date of this press release only and Franco-Nevada does not
assume any obligation to update or revise them to reflect new
information, estimates or opinions, future events or results or
otherwise, except as required by applicable law.
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SOURCE Franco-Nevada Corporation