royalty buy-back, page-2

Just to clarify on why I think it was a good move, the CBH royalty was 2% (I assume this was 2% of gross revenue, if on net profit the figures below would be slightly different).

2.5m ounces @ $35 = $87.5m revenue for 1 year x 2% = $1.75m

So CCU have bought out the royalty for less than 1 years fee, over the 5 year minelife that's potentially an additional $7m value managament has just secured for shareholders.

And if you're like me and think Silver is going higher then the value added is potentially greater!