HUDBAY understands that the royalty deal for 52% of the gold will provide about 15% or 16% profit for Royal Gold baesd on the total revenue of Mount Milligan.  Over time almost no mine produces that kind of return.

What this means is that if the operation covers all in sustaining costs and produces a 15% or 16% return the spoils will be divided thus;

Royal Gold   100%

TCM              zero

HUDBAY understands this as do all bigger miners so TCM will never be taken out except as a distress situation.

TCM will likely be independent forever