I see what you mean but he ended up with a valuation encompassing all metals using a reasonable price per lb of CU equivalent. It is a pretty good approach imo.

The last approach I used was to value just the gold (our 25%) based on a recent deal and got a result of $0.99/sh for just the gold in the 2012 RE. Someone noted that gold represented 24% of the BFS revenue stream so another round-about way to value all the metals would be this math: $0.99 / .24 = $4.12 This may be a "rougher" valuation method though than that used by clavin today.

Here are some more confusing math to think about.

Since gold is "24%" of the BFS stream. We will look at copper / silver / moly only then.

20 billion copper equiv x 75% (rounding up to make it easy.) = 15 billion cu.eq.

CUU owns 3.75 billion pounds of cu. eq. x 30 cents a pound.

$1.125 billion or $2.71 + Golf's gold value of 81 or 88 cents a share.

$3.52 per share.

Pretty close to my valuation earlier.

Like i said before. All these other deals requires acquirer to pay for construction later on.

Teck is arranging that for us.