QB2 capital cost was 4.7B.  They seem to be financing 2.5B and received 1.5B from Sumitomo, leaving them exposure for 700M.

For Schaft Creek, capital cost was 3.2M in 2013 (now lower).  Financing 50% would bring the number down to 1.6B.  Finally, if they receive 1.5B from Sumitomo once again, this would leave them with exposure for 100M.

For QB2 calculation, they are not considering how much they paid to acquire 90% of the project before selling a portion of it to Sumitomo.

In my opinion, they could report crazy IRR's to shareholders if they don't need to consider how much they will pay for us.

MoneyK