First things first. These numbers don't represent the new IRR very well. The 5 year start up has 35.6% higher value due to the grades. The grades over the next 10 years are also higher due to stage 2 of the deposit. I don't have a good number for that because of the recovery amounts. A lot of our price is due to the higher grades. Remember that Teck has us as .47% average. That was then. Next, the new layout and the port facility give us a 80 million a year savings. We truck higher value concentrates to a fixed cost port. This reduces operating costs. Also, the capex given is just too high. The new design for inter transport and the mill site with roads and power should keep this below 4 billion. There's actually a long list of refinements that effect the public numbers.

Then we have to take into account that there is much more in the ground than on paper. I've said this before. We drilled up too much for a single mine life. So at what point is the size no longer a consideration. At 50 years the NPV is worth nothing and they know they have at least that much. So do we give it away for free? This method of calculation just doesn't work in this scenario. These numbers also only cover the resource estimate drilling. What about the Discovery Zone? Free? The only way to work this out is by taking a mix of NPV for 2 zones and blend it with the real world method. The huge uncertainty has to be factored in. Suppose the discovery zone is sold to another major for 400 million?

The other thing these number miss is that we have to produce this from the perspective of Teck. That does not take into account our view. Our view says we get carried financing, Liard interest, 24% of the profits and a 350-400 million prepaid head start on the mining development expense to name a few item. Now toss in anything else on our lands and the road bed we own and the port facility etc. Add to this that we are the key that unlock Galore.

Now if they would just drop the paper we could stop guessing and know.