Here's Why Franco-Nevada Corp. Climbed 6% in October

Here's Why Franco-Nevada Corp. Climbed 6% in October

Shares of Franco-Nevada (NYSE: FNV) rose 6% on the Toronto Stock Exchange -- more than 2.5% on the NYSE -- last month according to S&P Global Market Intelligence. The royalty and streaming company reported no news, which would explain the stock's movement. Instead, investors were likely responding to the development of projects in the company's portfolio. 

With the largest, most-diversified portfolio among royalty and streaming companies, Franco-Nevada's success isn't solely correlated to the success of any one project. As numerous mining companies reported quarterly earnings last month, though, Franco-Nevada's investors celebrated the development of several projects in the company's portfolio. Operated by First Quantum, the Cobre Panama project, for example, reached 63% completion during the third quarter. Cobre Panama -- of which Franco-Nevada has gold and silver streams -- remains on track to be commissioned in 2018 and to continue a ramp-up in production through 2019. Franco-Nevada identifies Cobre Panama as one of the world's largest copper-gold-silver porphyry deposits currently being constructed -- and one of its most recent cornerstone investments.

Image source: Getty Images.

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Source: Fool.com