Franco-Nevada's loss rises on impairment charges

Wed Mar 21, 2012 6:20pm EDT
 
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(Reuters) - Canada's royalty and metal streaming company Franco-Nevada FNV.TO recorded a higher quarterly loss, hurt by impairment charges at two mines.

For the fourth quarter, the company's loss rose to C$105.4 million, or 80 Canadian cents a share, from C$17.2 million, or 15 Canadian cents a share, a year ago.

Revenue rose about 37 percent to C$118.5 million.

Franco-Nevada said it recorded impairment charges of C$152.4 million on its Ezulwini mine in South Africa and Podolsky mine in Sudbury, Canada.

Canadian miner Quadra FNX QUX.TO, which owns the Podolsky mine had earlier announced the mine's closure.

Shares of Franco-Nevada closed at C$41.35 on Wednesday on the Toronto Stock Exchange.

(Reporting by Arnav Das Sharma in Bangalore; Editing by Joyjeet Das)