Still assuming we should we 100% of the reserve to compare with QB2, I now understand that (P&P) is also included in (M&I) for Copper Fox. 

Therefore:

QB2 has (only considering Cu):

14B (P&P) + 11.1B (M&I) + 17.5 (I)

30% sold for 1.2B / 42.6B = 0.028$/lbs

Copper Fox (all projets) has (using CuEq):

10.2B (P&P) + 2.7B (M&I) + 11.3B (I)

Total: 24.2B x 0.028$/lbs = 678 Million x 1.3 (exchange rate) = 881.4 Million

Does this make more sense?

MoneyK