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!)
Page 67 of the most annual report - royalty assets are carried...
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