tarnoir.   Royal gold gets 52% of all Mt. Milligan gold produced at a reduced cost of $435 an ounce(or market price, if it is lower than $435 an ounce).  The balance goes to TCM to be sold at market prices.  There is no gold "loan' to be repaid.  Royal Gold paid TCM for this reduced rate with their support for building the mine.

TCM anticipates 265,000 ounces per year for the first 6 years.    Royal Gold, for example, would get 137,800 ounces in each of these years.  At the present price of $1665 per ouce, if it held for the six years, the net gain to Royal Gold would be $1230 per ounce or $169 million per year or $1 billion over the first six years (only).   Since the mine should produce for 22 years.............Royal Gold could do very well with their "royalty".    IMHO