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Franco-Nevada withdraws FY'20 sales guidance over COVID-19 uncertainty

Gold-focused royalty and streaming company Franco-Nevada Corp. pulled its full-year 2020 sales guidance for gold equivalent due to uncertainty caused by the coronavirus pandemic.

For 2020, Franco-Nevada had targeted attributable royalty and stream sales of 550,000 to 580,000 ounces of gold equivalent.

Franco-Nevada said April 7 that 11 of its 52 smaller cash-flowing assets have announced a temporary reduction or curtailment of production. Of its four larger cash-flowing assets, the Cobre Panama mine in Panama is the only one so far to suspend operations, while the Antamina and Antapaccay mines in Peru and the Candelaria mine in Chile continue to perform close to expectations.

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The company noted that its royalties and streams do not bear associated carrying costs, and the impact of mine suspensions or curtailed production is limited to a deferral of revenue.

Franco-Nevada also withdrew its full-year 2020 revenue guidance of US$80 million to US$95 million from its energy assets until markets stabilize. The company said it will continue to review the carrying value of its energy assets. A further portfolio update is expected as part of its first-quarter results May 6.