Moydown completes first stage of sale to Franco-Nevada
23 November 2009
AIM and Toronto listed mining group Moydow Mines has moved ahead with the first stage of its takeover deal with Franco-Nevada Corporation, which was first announced earlier this month.
Franco-Nevada is set to pay $58 million for Moydow, together with the 2% royalty it gets from Newmont Mining’s Ahafo gold mine in Ghana. Back in 2004, Moydow sold its stake in the Ntotoroso Property for US$40 million to Newmont but held on to the 2% royalty interest.
Today saw Franco-Nevada pay US$13 million for an undivided 20% interest in the Ntotoroso royalty and agree the terms over which it will acquire the rest of the company.
Announcing the deal earlier this month, Moydow’s president and chief executive, Brian Kiernan, said it was “an excellent result” for the company and its shareholders. “The Ntotoroso royalty is Moydow's principal asset and we believe that this is the right time to realise its value for our shareholders through its sale to Franco-Nevada,” he said.
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