adani royalty, page-9

Dan,
Everyone is expecting the Royalty to grow to $120M per year but there is nothing in the agreement saying that Adani have to achieve the volume required to pay this royalty.

As Adani are heavily in debt they may have to just develop the mine to a minumim so that they can keep it.
If this is the case Linc may only get $10M-$20M a year in royalties.

My point is that there is a huge risk due to Adani's high debt and the low coal prices that the royalty will be substantialy lower than the expected $120M.