That's the issue. The agreement is with Teck is so complex, it makes it very hard to value CUU and SC.

At the moment, CUU owns 100% of SC. NOT TECK. Teck has the option to back in up to 75% based on the agreement. Until they have performed their part, they don't get the 75%.

I used the $2 billion was purely based on hoghead's numbers.

Option 1. Teck wants to back in for 75%. They have to finance on our behalf and spend $300 million on SC and get it into production in 4 years. CUU would then hold 24ish %, and CUU don't have to do a SINGLE thing to for the next 4 years in SC. They can see who is the highest bidder is for their quarter ownership in SC. But THAT BID, has to be worth more to CUU at that moment than receiving pay cheques from SC for the next 2 decades.

This is where Vette gave the example of the $900 million for Quellavec for 18%.

Imagine a bigger player thinks it would be fun to ride along with Teck without paying for financing?

Option 2. Teck buys out CUU completely. ZERO mess. No clause, no financing. They will own 100% of SC and can sell their 18% to somebody else.

To buy out CUU, you cannot value CUU owning SC at 25% because they own 100% at the moment. If you want 25%? go and develop it first and EARN that interest.