This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Franco-Nevada Corporation is a gold-focused royalty and streaming company. It provides upfront financing to mining operators in exchange for a percentage of future production or revenue from specific mines. Its portfolio includes royalties and streams on mines producing gold, silver, platinum group metals, and other minerals across the Americas, Australia, and Africa.
Franco-Nevada holds a royalty on the Cobre Panama copper-gold mine, a project at the center of protracted legal disputes, environmental protests, and a Supreme Court ruling in Panama that led to the suspension of commercial operations. The company was involved in an investment treaty arbitration claim against the Republic of Panama concerning this asset.
Franco-Nevada's recently announced A$220 million financing package with Minerals 260 for the Koolyanobbing iron ore project in Western Australia demonstrates continued investment in new extraction. The company has no announced plan to transition away from its royalty-and-streaming model, which ties its revenue entirely to active mineral extraction.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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