The math is OK

..the assumptions are problematic

There must be the value that TECK would place on being the sole owner with the freedom to develop, engage partners or dispose of all or part of the project without being encumbered by a JV partner from the outset

This control would extend to those portions of the project that have yet to be fully explored, but have been identified

Pockets of future value that cannot be fully determined now, but would have to be fully shared, at the set ratios, with a carried junior partner like CUU

So not sure how wise we would be to sell our fourth based on a value derived from what we know is only a portion of the property, and even that artificially valued by a market that probably doesn't have a very good idea of what is involved and leans to the low side