Well, my back of the napkin calculation came to a slightly different interpretation. If TCK spent $300M to earn back 75%, 75% of the $300M or $225M would accrue to TCK shareholders, leaving the 25% of $300M or $75M for CUU shareholders - the amount of qualified investment in SC etc. that CUU has put in; or about $0.19 per share. JMO

I'm leaving in 30min, but looks like I still have something to say here:

Yes 75% of 300m goes to Teck, but :

1) By spending that kinf of money on the property, it brings the value of our 25% higher.

2) It's money they are forced to spend until the last penny before they get a JV. They must earn in the whole 75% before they get to take any decisions

3) They have pressure to spend that money fast (under 4 years) or they lose all of their back in.

The higher that expenditure number...the better for us.

That's it from me.

Cheers.