Franco-Nevada Says It Retains Rights to Gold From Burkina Faso Mine

MT Newswires Live16:25

Franco-Nevada (FNV), a Toronto-based gold royalty and streaming enterprise, said Wednesday it is aware of a press release issued by South Africa-based Riverstone Karma regarding disputed stream income from the Karma Mine in Burkina Faso, but that its rights to gold from the mine remain intact.

Riverstone Karma operates the Karma Gold Mine, an open-pit gold mine located in northern Burkina Faso, the former Upper Volta.

Franco-Nevada, as a gold-streaming enterprise, provides capital to miners or others to develop gold and precious metal assets, in exchange for a contracted portion of the output.

On June 10, the Commercial Court of Ouagadougou ruled in favor of Riverstone Karma in proceedings against Franco-Nevada and a partner, and nullified a 2014 gold-purchase agreement, and ordered the payment $9.3 million in legal costs to Riverstone Karma, and dismissed all objections raised by the defendants, according to a press release issued by Riverstone Karma on Wednesday.

However, the gold-stream agreement is governed by Ontario law, and it believes the Burkina Faso court ruling is not valid, said Franco-Nevada.

Franco-Nevada said it is pursuing legal remedies against Riverstone Karma in Ontario and elsewhere in accordance with the dispute resolution provisions in the 2014 agreement.

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