Thank you, Stefan. I think as most of you have seen the press release and this was a pretty solid quarter for Franco-Nevada. Sandip is going to review the financial numbers after I make a few brief comments.
I think in our press release, we also covered what I think was a lot of good news across the portfolio. In general, we’re seeing positive developments among a number of our operating assets and as well in our development pipeline of assets. I think the press release covered that pretty well, so I’m not going to belabor all those updates.
The one thing that we couldn’t update you on, of course, last night was Tasiast, Kinross came out about the same time, we did, and I apologize to the analysts for that. We have a 2% revenue royalty at Tasiast. And personally, I only see upside on that asset for Franco-Nevada.
Last year, we booked a little short of $3 million on that royalty, this year we’re expecting closer to $7 million. And even if the Kinross expansion, ultimately, is only half of what they previously projected, this royalty could potentially generate $25 million a year for over 20 years to Franco-Nevada. So, this is going to be – I expect it to be a great asset for Franco-Nevada going forward, and we’re confident we’re going to see the value out of this over time.
On the business development front, you recall our last quarterly we had a pretty busy first quarter with a number of smaller deals. We spent about $110 million in the first quarter. In the second quarter, our focus has been on the larger opportunities, where we’re confident that we should be able to report some success in this area, and so we’re working very hard on that.