Yeh, I think they would need to include both, or something to the same effect. E.g., Contractual exemption from refinery/TIVAN roylties... Presumably any agreement along these lines would also need to include SMS, seeing as they own 50% of the IP!
Maybe the mine and end product is still very profitable even after a royalty is paid... so could still be an attractive buy (the mine and refinery) even after paying full royalties?? High grade product commands a premium usually...
Nice start to 2017, page-296
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