Callinan Receives Balance of 2009 Net Profits Interest Payments

- July 21st, 2010

Callinan Mines(CVE:CAA) reports that it has received a payment  from Hudbay Minerals Inc.
This payment represents the remaining balance of payments due to Callinan for fiscal 2009 under the 777 / Callinan Mine Net Profits Interest and Royalty agreement.Interim quarterly payments were made throughout 2009, representing an estimated 75% of 6 2/3% of the net profits […]

Callinan Mines(TSXV:CAA) reports that it has received a payment  from Hudbay Minerals Inc.

This payment represents the remaining balance of payments due to Callinan for fiscal 2009 under the 777 / Callinan Mine Net Profits Interest and Royalty agreement.Interim quarterly payments were made throughout 2009, representing an estimated 75% of 6 2/3% of the net profits from the 777 Mine in Flin Flon, Manitoba, plus $0.25 per ton of ore mined. This payment represents the balance of the 25% withheld over the four financial quarters ended December 31, 2009, adjusted to reflect Hudbay’s final calculation of the net profits interest.

For complete news release, click here.

Tags

Tags:

Leave a Reply