ROYALTY AND STREAM INTERESTS

6 Months Ended

Dec. 31, 2015

ROYALTY AND STREAM INTERESTS

ROYALTY AND STREAM INTERESTS

3.ROYALTY AND STREAM INTERESTS

The following tables summarize the Company’s royalty and stream interests as of December 31, 2015 and June 30, 2015.

As of December 31, 2015 (Amounts in thousands):	Cost		Accumulated Depletion			Net
Production stage royalty interests:
Voisey’s Bay	$	150,138	$	(82,897	)	$	67,241
Peñasquito	99,172		(28,334		)	70,838
Holt	34,612		(15,656		)	18,956
Cortez	10,630		(9,970		)	660
Other	531,734		(324,204		)	207,530
Total production stage royalty interests	826,286		(461,061		)	365,225
Production stage stream interests:
Mount Milligan	783,046		(55,980		)	727,066
Pueblo Viejo	610,400		(5,612		)	604,788
Andacollo	388,182		(6,514		)	381,668
Wassa/Bogoso/Prestea	62,507		(4,620		)	57,887
Total production stage stream interests	1,844,135		(72,726		)	1,771,409
Production stage royalty and stream interests	2,670,421		(533,787		)	2,136,634
Development stage royalty interests:
Pascua-Lama	380,657		—			380,657
Other	66,415		—			66,415
Total development stage royalty interests	447,072		—			447,072
Development stage stream interests:
Rainy River	100,684		—			100,684
Other	87,822		(86		)	87,736
Total development stage stream interests	188,506		(86		)	188,420
Development stage royalty and stream interests	635,578		(86		)	635,492
Exploration stage royalty interests	210,584		—			210,584
Exploration stage stream interests	13,711		—			13,711
Total royalty and stream interests	$	3,530,294	$	(533,873	)	$	2,996,421

As of June 30, 2015 (Amounts in thousands):	Cost		Accumulated Depletion			Impairments			Net
Production stage royalty interests:
Andacollo	$	272,998	$	(65,467	)	$	—		$	207,531
Voisey’s Bay	150,138		(76,141		)	—			73,997
Peñasquito	99,172		(24,555		)	—			74,617
Mulatos	48,092		(32,313		)				15,779
Holt	34,612		(13,950		)	—			20,662
Robinson	17,825		(12,748		)				5,077
Cortez	10,630		(9,933		)	—			697
Other	495,763		(265,727		)	(27,586		)	202,450
Total production stage royalty interests	1,129,230		(500,834		)	(27,586		)	600,810
Production stage stream interests:
Mount Milligan	783,046		(35,195		)	—			747,851
Production stage royalty and stream interests	1,912,276		(536,029		)	(27,586		)	1,348,661
Development stage royalty interests:
Pascua-Lama	372,105		—			—			372,105
Other	67,017		—			—			67,017
Total development stage royalty interests	439,122		—			—			439,122
Development stage stream interests:
Phoenix Gold	75,843		—			—			75,843
Other	8,183		—			(603		)	7,580
Total development stage stream interests	84,026		—			(603		)	83,423
Development stage royalty and stream interests	523,148		—			(603		)	522,545
Exploration stage royalty interests	212,552		—			(150		)	212,402
Total royalty and stream interests	$	2,647,976	$	(536,029	)	$	(28,339	)	$	2,083,608

Impairment of royalty and stream interests

In accordance with our impairment accounting policy discussed in Note 1, impairments in the carrying value of each royalty or stream interest are measured and recorded to the extent that the carrying value in each royalty or stream interest exceeds its estimated fair value, which is generally calculated using estimated future discounted cash-flows.  As part of the Company’s regular asset impairment analysis, the Company did not record any impairment charges for the three and six months ended December 31, 2015.  See Note 13 for further discussion on our Phoenix Gold streaming interest.  The Company recorded impairment charges for the fiscal year ended June 30, 2015, as discussed further in the Company’s Fiscal 2015 10-K.