Page 67 of the most annual report - royalty assets are carried at cost as it's an intangible asset on the balance sheet. Book values of assets rarely align with current day valuations - especially in mining, it's more of a tax/accounting metric. It's probably a good thing for shareholders since DRR pay dividends out on NPAT, so larger carrying values would result in higher depreciation chargers and lower NPAT (so less dividends!)
Ann: Half Year Results Presentation, page-7
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