Mining is Hard: The End of the Cobre Panama Story?

Once-favorable mining jurisdictions are becoming battlegrounds, adding a new layer of risk to an already challenging business.

The most ominous example of this trend is the Cobre Panama copper mine, on which one of our portfolio’s royalty companies had bet big. See:

Just How Bad Was Franco-Nevada's Bad News?

Franco-Nevada Takes Its Cobre Panama Hit

The min…