When doing the same cashflow calculation for Teck's portion:

Based on the 2013 numbers:

- 5 year for construction, Y1-7: $615M, Y8-21: $311M and 4.3B of capex and sustaining

Result: NPV (8%) = (-1.1B)

Future possible scenario:

- 5 year for construction, Y1-3: $1,450M, Y4-21: $739M and 4.3B of capex and sustaining

Result: NPV (8%) = 2B

I think this put things into the right perspective.

MoneyK