The Franco Nevada purchase of 50% of Mexican gold output for $80m has to be shown in the books as a loss against earnings [Not being an accountant this description may be a little off] In short they would be showing a profit without this book keeping device which is set to increase as capital spending reduces and production ramps up...then the silver price increase , if it materialises,will make the picture very rosy.
CXC Price at posting:
$19.06 Sentiment: Buy Disclosure: Held