Franco, Euro declare dividends — again

With a new mine in production and bright profit pictures despite bad times for gold, Franco-Nevada Mining (FN-T) and Euro-Nevada Mining (EN-T) have declared dividends, making an unbroken 11 years of dividends for Franco shareholders and nine for those of Euro.

Euro-Nevada, which earned $17.4 million (18 cents a share) on revenue of $38.2 million in the nine months ended Dec. 31, increased this year’s dividend to 8 cents, up from 5 cents in 1998. In the corresponding nine months of 1997, Euro-Nevada showed a profit of $14.4 million on revenue of $33.1 million.

Over the past nine months of 1998, Franco-Nevada posted earnings of $30.9 million on revenue of $53.9 million (T.N.M., Feb. 22/99). This was a decline from the corresponding period in 1997, when the company earned $37.9 million on revenue of $63.7 million. Franco maintained its dividend at 30 cents a share.

Both companies’ dividends become payable on March 29 to shareholders of record on March 15.