Callinan Royalties has received interim quarterly payments of just over 2.2 million dollars from Hudbay Minerals. The royalty payments include a payment of just over 2 million from the six and two thirds percent net profits interest royalty and 111 thousand from the production royalty of 25 cents per ton of ore for the quarter ended June 30th. The payments are due to Callinan’s royalty interests on lands that include the Triple Seven and Triple Seven North mines in Flin Flon.
Callinan notes in its most recent financial results Hudbay reported increased ore production at the Flin Flon operation due to the additional production from the Triple Seven North Mine but ore grades in the second quarter were lower due to planned sequencing of mining stopes and overall operating costs were reported as higher. These factors combined with lower metal prices resulted in lower revenues to Callinan in this quarter compared to last year.