Metacomet – the $80 million is sunk into the ground.It is gone.Like you, I do hope it will come back in some way. Since management at the AGM stated that they wish to exit from the Schaft Creek area, they will sell to either Teck or Company X (possibly a Company X arranged by Teck). Don’t worry about the $80 million being a sunk cost. The present market cap indicates that the buyout will be many multiples of $80 million.

Rabid Tiger – Your explanation is nice since it is related to total project cost.As you point out with $3280 million left to build the mine, Copper Fox’s portion (or Company X) will be in the order of $820 million. Since that $820 million is repaid from future cash flows, any Company X will consider that repayment in their NPV calculation for Copper Fox.