35. CONTINGENT ASSETS AND LIABILITIES (a) Royalties 36. EVENTS AFTER THE BALANCE SHEET DATE 37. AUDITOR'S REMUNERATION 38 INTEREST IN A JOINTLY CONTROLLED OPERATION 105  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 At the Bluestone Mines Tasmania Joint Venture Renison Tin Project the following royalties apply: At the Collingwood Tin Project the following royalties apply (the project is currently under care and maintenance): On 16 June 2011 the Company announced its intention to conduct an on-market buy-back of up to 10% of its issued capital over a  twelve month period commencing on 1 July 2011. As at the date of this report the Company had acquired 25,208,407 shares for a  total value of $5,740,356.48 and an average price of $0.228 per share. In 2010 the subsidiary Bluestone Mines Tasmania Pty Ltd sold 50% of the assets at its Renison Tin Project and entered into a  jointly controlled operation called the Bluestone Mines Tasmania Joint Venture. The Consolidated Entity is entitled to 50% of  the operation's production. The Consolidated Entity's interest in the assets and liabilities of the jointly controlled operation are  included in the consolidated statement of financial position. Share of operating lease commitments (refer to note 34(b)) Future minimum rentals payable under non-cancellable operating leases as at 30 June are as follows: (ii) Equipment leases: - Within one year 13,764  11,677  - After one year but not more than five years 19,499  550  33,263  12,227  2011 2010 (i) Property leases as lessee: - Within one year 985  7,230  985  7,230  2011 2010 (a) Commitments relating to the jointly controlled assets Share of capital commitments (refer to note 34(a)) 115,023  223,868  2011 2010 Amounts received or due and receivable by Ernst & Young (Australia) for: An audit or review of financial reports of the entity and any other entity within the  Consolidated Entity 192,627  161,338  Other services in relation to the entity and any other entity in the Consolidated Entity:  - tax compliance 79,450  43,575  Total auditor remuneration 272,077  204,913  • Bluestone Mines Tasmania Pty Ltd has an obligation to pay a State Government Royalty on tin production at the rate of: 1.6% of  Net sales + (profit x 0.4 x profit/net sales). This royalty is capped at 5% of Net Sales. • Bluestone Nominees Pty Ltd has an obligation to pay a private royalty of 2% of the Net Smelter Return from the sale of ores,  concentrates or other mineral products produced.  • A State Government royalty of 2% of the value of the mineral produced is applicable.