Thanks for catching that aurorium. I've mixed information between mining companies and royalty company SLW after too many years of conf calls. In the end, I got it completely backward for SLW.
Typically silver rises as part of the commodity complex.ie lead, nickel, zinc etc.
As a result, the mines SLW contracts with focus on the lower grade primary ores when commodity metal prices were higher and higher grade ores when commodity metal prices were lower. The mines have price models of Xzinc+Ysilver+Zgold=whatever is the most profitable to mine.
On the conference calls, Barnes and his chief mining guy gargle out this sound bite religiously everytime, saying they have to wait for the mines to get through the ore body before they return to higher grade ores that will deliver more silver to SLW.
In the end, the contracted silver, even if short delivered, has to at some point still be delivered to SLW to make it up. The problem is it can take some time for that catch up to occur and inevitably, other mines usually go through their shortfalls seemingly always resulting in SLW having one of its mines having to play catch up with the silver shotfalls. That is, with all the mines, the hot potatoin silver shortfall is always carried by one of the mines.
Sorry if I caused confusion.
On another note, where do I see SLW going? I see $22.80 silver shortly (within a month). Whatever that translates into for SLW.