GREY:CCNMF - Post by User
Post by
robvanhoorenon Nov 16, 2011 2:13pm
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Post# 19242371
HudBay Q3 Payment $4.84 Million
HudBay Q3 Payment $4.84 MillionCallinan Announces Quarterly Royalty PaymentsVANCOUVER, Nov. 16, 2011 /CNW/ - Callinan Royalties Corporation has received interim quarterly royalty payments totaling $4,836,406 from HudBay Minerals Inc.The royalty payments include a payment of $4,730,620 from the 6 2/3% Net Profits Interest Royalty and $105,786 from the
.25 per ton of ore produced for the quarter ended September 30, 2011.The Net Profits Interest payment represents 75% of an estimate by Hudbay Minerals Inc. The remaining 25% is paid annually, in mid-July, 130 business days after the financial year end of HudBay Minerals Inc.as per the agreement.The quarterly payments are due to Callinan's royalty interests on lands that include the 777 Mine at Flin Flon, Manitoba, Canada, which is the principal mining operation of HudBay Minerals Inc.