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Franco-Nevada books higher Q2 income, revenue YOY

Royalty and streaming company Franco-Nevada Corp. said Aug. 8 that it booked a second-quarter net income of US$45.6 million, or 25 cents per share, up from US$42.3 million, or 24 cents per share, in the same quarter of 2016.

Revenue in the period rose to US$163.6 million on the sale of 122,541 gold equivalent ounces, compared to year-ago revenue of US$150.9 million from the sales of 112,787 gold equivalent ounces.

Franco-Nevada's oil and gas revenue rose 23.1% to US$9.6 million, reflecting higher prices as well as the addition of the STACK and Midland portfolio of royalties. The contribution from the new U.S. royalty assets is expected to become more significant after 2017.

Production from the U.S. precious metals assets rose 15.8% year over year to 19,350 gold equivalent ounces on the back of increases at South Arturo, Gold Quarry, Stillwater, Fire Creek/Midas and Bald Mountain, more than offsetting the decrease from Goldstrike.

Canadian precious metals assets reported a 14.6% year-over-year jump to 17,097 gold equivalent ounces, due to increases primarily from its interests in the Hemlo property and the Sudbury assets.

Meanwhile, quarterly production from the Latin American precious metals assets was flat at 60,548 gold equivalent ounces, as increased deliveries from Candelaria were offset by decreases from Guadalupe, Antapaccay and Antamina.

The company declared a quarterly dividend of 23 cents per share, payable Sept. 28 to shareholders on record on Sept. 14.

Franco-Nevada is expecting to finish 2017 at the higher end of its original gold equivalent ounce guidance, CEO David Harquail noted.