Ken Snyder mine boosts Franco-Nevada to record year

The Ken Snyder gold mine in Nevada’s Midas district gave a major boost to the bottom line of Franco-Nevada Mining (FN-T) in its fiscal year ended March 31, 2000.

The Toronto-based company posted net earnings of $97.6 million (after tax) on revenue of $218.2 million for the year, compared with after-tax earnings of $68.5 million on revenue of $135.6 million a year earlier.

The past year was the first for the newly merged Franco-Nevada since it swallowed Euro-Nevada Mining, thereby consolidating royalty and mining assets. The core Goldstrike royalty increased 10% in the past fiscal year to $47 million.

The Ken Snyder underground mine produced 230,258 oz. for the fiscal year at a cash cost of US$98 per equivalent ounce, while total costs rang in at US$142 per equivalent ounce. Currently, a US$2-million program is expanding the mill’s production capacity to 1,000 tons. The expanded mill is expected to be operational in June.