In Section 22.0 of the Economic Analysis in the BFS, there were no mention of using a discount rate of 12%. Table 22.2 Summary of the Pre-Tax Economic Evaluation. Note that the Pre-Tax Economic results used NPV's at 0%, 5%, 8% and 10%. Elmer in one of his conference calls had also mentioned only the 0%, 5%, 8% and 10% rates for the BFS.

There were a total of 13 Engineers who signed off on the BFS. You would think one of them would have questioned the fact that discount rate of 12% was not addressed. You would think Jim Gray, Matt Bender, Cam (who's priority was to rip apart the BFS for accuracy) or the tax company we used to assist in computing this section would have noticed it.

IMO, There must have been an agreement/understanding from everyone involved with Teck, CUU and Tetra Teck, that the 12% issue is off the table. I feel very confident that "bankable" is not an issue to worry about.