If they sell AB, what happens to all the royalty encumbrances that have accrued along the way? I know before they extracted money by way of selling a royalty on any future development, but if that legally carries to the next owner, that hurts the asset value even more.
In the event of a liquidation (sorry to go there..), do these encumbrances remain sticky, and follow the asset wherever it goes? I can't imagine so.
On a side note, it's incredible to see zinc prices flagging, while zinc stockpiles on LME have gone from 750'000 down to 50'000. There is surely a shortage coming, yet the price is once again heading down?
If they sell AB, what happens to all the royalty encumbrances...
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