TGR: As of March 31, 2013, Franco-Nevada had $867M in working capital, another $60M in marketable securities and about $500M in a credit facility that they haven't used. Any idea how that cash might be used?
DS: I'm sure Franco-Nevada is looking for undervalued acquisitions, extra streaming possibilities. People like Franco-Nevada's President Pierre Lassonde tend to make decisions that really make sense under the circumstances. The fact that the company is holding on to its money and focusing on getting costs down is what investors want to see. Companies like Franco-Nevada know how to solve problems.