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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: inside buying
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Teck's back-in obligation (for 75% interest) adjusts CUU valuation to add ~$80M in value to CUU on top of their ~24% interest in SC.

Since Teck pays all of the first ~$320M (i.e. $80x4) of the SC's initial capex it saves CUU ~$80M. You also don't have to worry about discounting since this capex savings comes in the initial periods. Effectively the back-in obligation gives CUU value for their past expenditures.

I have included the back-in rights in my back of the envelope valuation here:

http://agoracom.com/ir/CopperFoxMetals/forums/discussion/topics/558579-inferred-valuation/?message_id=1757854#message_1757854

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