Just thought i should share my thought after you guys were all talking about teck backing in 40%. As i see it 40% offer the worst possible deal for teck.

You can get 25% per 1x expendature, 100% = 4x

Or 40% per 3x expendature, 100% = 7.5x

Or 75% per 4x expendature, 100% = 5.33x (sorry i forgot they have to arrange the production financing also)

As you can see based on share of the project the best deal is actually 25%, the cheapest, but not enough of the project in my mind. 40% is a nice area if you had a larger partner (CIC?), but it the most costly option. For me 40% doesn't make any sense, as you can get an extra 35% (87.5% increase in project share for only 1x expendature more). Maybe im clueless, but i can't see teck going for 40%.