Hi JM!

As far as I am aware, ECU gets paid a for their concentrate based on tonnage and grade, at a sliding scale based on spot prices. So unless they put in some form of hedge, as the silver prices drop we get less per tonne of concentrate. And as the prices recover, then we should also book higher revenues. That is a good question to put to IR though because I have not reviewed the contract so maybe there are other items that would affect pricing. The only thing I know for sure is that the new deal is going to generate higher revenues than what they were offered by Penoles.

cheers!

mike