HUGE PAYMENT!!!!!
Callinan Royalties Corp
Symbol C : CAA
Shares Issued 48,350,116
Close 2012-07-09 C$ 2.36
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Callinan receives $6.44-million from HudBay
2012-07-10 07:27 ET - News Release
Mr. Roland Butler reports
CALLINAN RECEIVES BALANCE OF 2011 NET PROFITS INTEREST ROYALTY PAYMENTS
Callinan Royalties Corp. has received a payment of $6,448,508.59 from HudBay Minerals Inc. This payment includes interest and represents the remaining balance of payments due to Callinan for calendar 2011 under the 777/Callinan mine net profits interest and royalty agreement and brings total royalty payments for the 2011 calendar year to $25,738,520.41 including interest.
Interim quarterly payments were made throughout calendar 2011, estimated by HudBay Minerals to represent 75 per cent of 6-2/3rds per cent of the net profits from the 777 mine in Flin Flon, Man., plus 25 cents per ton of ore mined. The remaining 25 per cent is paid with interest annually in July 130 business days after the financial year-end of HudBay Minerals as per the agreement. The above payment represents the balance of the 25 per cent withheld over the four financial quarters ended Dec. 31, 2011, adjusted to reflect final calculation by HudBay Minerals of the net profits interest.
The payments are due to Callinan's royalty interests on lands that include the 777 mine at Flin Flon, Man., Canada, which is the principal mining operation of HudBay Minerals.
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