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Friday, August 22 2014 @ 05:35 PM EDT

Franco-Nevada, Inmet in $1 bln funding deal for Panama project

Gold & MiningAug 20 (Reuters) - Gold-focused royalty company Franco-Nevada Corp said it will provide $1 billion to Inmet Mining Corp for the development of its Cobre Panama copper-gold project in Panama. Franco-Nevada pays miners upfront cash in exchange for future royalties and holds interests in precious metal, base metal, and oil and gas projects around the world. The company, based in Toronto, will get about 86 percent of precious metals output from Inmet's share of production from the mine under the deal. Inmet holds an 80 percent stake in the Cobre Panama project. The remaining interest is owned by a Korean consortium that includes Korea Resources Corp and LS-Nikko Copper Inc.

Toronto-based Inmet said in July it was in talks to sell a portion of future precious metal production from the mine to help finance its 80 percent share of development costs. Inmet has secured $4.2 billion out of the estimated $6.2 billion capital required for the project.

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