Expanding on your question, its no way to know with your information given. B could easily be the best one, how much is each condo? How many units? What kinda debt do we have to take? Maybe building them slowly saves massivly on manpower. So many factors that can make B be a more appealing investment and therefore draw more money. But I can see how blindly looking at a couple numbers makes one look vastly inferior.

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Well I assumed all things being equal - same costs for each condo, numbers were stated (210 condos all at once or 120 condos phase 1 with a 210 total build at a later date). Just another way to put it that may make his point more obvious.

Is it a reasonable assumption that a 21 year initial mine life would comand a higher purchase price for our 25% than a 12 year initial mine life? Personally, I think it is reasonable, but everyone can make their own mind on that.

I think both options are really "initial", once mining starts there, it is going to go on, and on, and on, and on...

So much there to expand on, and the mill, machinery and most infrastructure already in place from the 'initial' mine - expansion will be quite economical? I would't be the least bit suprised if mining is still going on 50+ years after the initial pit wraps up.