"...In Quellaveco they paid 1 Billion for 18% stake. Now compare both projects...."

Quellaveco deal? I've never understood how the Mitsubishi purchase of 18.1% of 250k tonnes of annual Cu production for $761-887M is a good example of a deal for CUU...

Quellaveco

250k tonnes of Cu per year, 28 yr mine life => 7,000,000 tonnes life of mine, equivalent to 15,428,000,000 lbs of Cu LOM. Mitsibishi bought 18.1% wich amounts to 2,792,468,000 lbs LOM.

$887M purchase price for 2.7925 B lbs of Cu = $0.3176 per lb Cu

Schaft Creek

Schaft Creek has 6,113.7M lbs Cu M+I and it amounts to roughly 55.5% of the in situ metal value.

$0.3176 per lbs Cu X 6,113.7M lbs Cu = $1,941,956,685

Since Cu is 55.5% of SC's in situ metal value.... (i.e copper is 55% of all metal valuecombined)

Copper...55.5% of SC = $1,941,956,685

100% of SC's in situ would imply a value of $3,499,021,054 for all metals

$3,499,021,054/ 406,000,000 CUU FD shares = $8.62 per FD share (@ 100% of deposit)....

Assuming TCK earns in for 75%, cuu's 25% would be valued in the order of $2.15 per FD share. Add 75 cents to that value for the benefit of having TCk's 4X's expenditures takes us to...$2.90 per CUU share.

This suite of calcuations supports my buyout price of about $3 but not much more than that.

doydd