Let's try this again, had some typo's in my numbers ..I'll add:

So what's Teck really paying for 75% of all this....when you have others fighting over and paying 900 million for 18% of Quellaveco....

I'll answer this myself:

Teck can earn 20% by spending 1 x expenditures = $85 million

($17 million comes back to Teck, $68 million goes to CUU)

Teck can earn 40% by spending 3 x expenditures = $255 million

($102 million comes back to Teck, $153 million goes to CUU)

Teck can earn 75% by spending 4x expenditures = $340 million

($255 million comes back to Teck, $85 million goes to CUU)

So for an extra 85 million Teck gets 35% more.....

Now take a step back and look at these numbers ($68m ,$153m and $85m) ...and keep in mind some company was willing to pay 900 million for 18% of Quellaveco.

40% is the more expensive of the 3, almost double

20% vs 75% = 68 million to CUU vs 85 million to CUU, difference is a meesly 17 million to get 55% more of the project.

Looking at 75%, the financing and the expenditures are part of the same...Teck is actually financing itself for $255 million ($340m is the amount of money required to earn in 75% that they would spend anyway to bring to production).

And when looking at the Capex numbers,....Teck really only pays 75% of it since CUU must pay back 25% of the capex once in production. Through Teck eyes, take the Capex numbers x 0.75.

3 Billion * 0.75 = 2.25 Billion

Now use 10-15 million of the expenditures (money Teck would be required to spend anyway), and quickly turn the waste rock cost into revenue.

What's the Capex looking like now...

Oh and the Capex included cost to ramp up to 180,000 tpd...

What's the payback looking like now, top it off with a 2% increase in metal recoveries and using 5% since we'll be getting our permits.

Teck also has the opportunity to sell a % form it's 75% and actually end up paying a big fat ZERO in Capex....

And if Teck just takes 75% ( no buyout), majors will be all over us since all they have to do is wait and let Teck do everything.

In any of the 3 options...Teck is spending $85 to $340 million. (CUU play money)

That is small when comapred to 900 million, mitsubishi paid for 18% of Quellaveco in Peru.

How much of that play money does CUU really need to upgrade the 171mt in the pit and move up the recovery %..... 10-15 milllion max ? What value does this unlock...how many years does it add to the mine life (5 years), it's a given.

And the Feasibility pit is only 50% of the Resource Estimate and the Resource Estimate is only 50% of the Paramount zone.

Looking at it this way it's starting to look like a 104 year mine life..at only 400m depth.

The best grades are below 400m and mineralization was still open at 800m...

And we didn't even touch the Discovery zone..

Teck knows all the above and more.

So those still looking at the NPV...PLEASE...get your nose away from the tree and start looking at the forest.