UPDATE 1-Franco-Nevada to buy royalty on Ghanaian gold property

* To buy royalty on gold project in Ghana

* Deal valued at $58 mln

* Franco-Nevada shares rise 2 pct

* Moydow Mines shares touch new year high

Nov 10 (Reuters) - Mining royalty firm Franco-Nevada Corp (FNV.TO) said it agreed to acquire a 2 percent net smelter returns (NSR) royalty interest on a Ghanaian gold property, in a deal valued at $58 million.

The company said it would buy the 2 percent NSR royalty from Moydow Mines International Inc (MOY.TO) which holds a stake in Newmont Mining Corp's (NEM.N) Ahafo gold property in Ghana.

Moydow sold its interest in its Ntotoroso Property to Newmont in 2004, while retaining a 2 percent royalty on any production in excess of 1.2 million ounces of gold from the property, which now forms part of the Ahafo Mine of Newmont Ghana Gold Ltd.

Franco-Nevada said the transaction will be completed in two steps, first with the purchase of 20 percent of the royalty interest from Moydow for $13 million, followed by a plan of arrangement with Moydow for Franco-Nevada shares valued at $45 million.

Franco-Nevada shares were up 45 Canadian cents at C$29.19, while those of Moydow Mines rose to touch a new year high of 88 Canadian cents, before pairing some gains to trade up at 70 Canadian cents Monday morning on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Jarshad Kakkrakandy)