Hold or Buy, page-29

Yes indeed they will be.

But that is true in either case, so it isn't worth worrying about when discussing price movements.

If you do the maths on it, A40 actually ends up with a higher price net of royalties without it, albeit a few dollars/tonne.

5% royalty + 15% repayment from US$880/t = US$704/t net price

5% royalty from $US750/t = US$712.5/t net price.

If they can lock in pricing at US$750 for Burwill and a new offtake partner, the incoming cashflow will be indistinguishable from having maintained the US$880 deal.

Cheers