Re-thinking this, the 4.3B capex will be distributed over the 5 year period.  To keep it simple, let's assume expanditure of 860M for each year.

Based on the 2013 numbers:

Teck's portion:

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

Result: NPV (8%) = (-236M)

Copper Fox's portion:

- 5 year for contruction, Y1-7: 20M (Y1 & Y7) + 15M per year, Y8-21: $104M

Result: NPV (8%) = (425M)

Total NPV = 189M ... ok it's not 513M, but close enough considering the approach.

Future possible scenario:

Teck's portion:

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

Result: NPV (8%) = 2.9B

Copper Fox's portion:

- 5 year for contruction, Y1-7: 20M (Y1 & Y3) Y4-21: $246M

Result: NPV (8%) = 1.2B

Total NPV = 4.1B

MoneyK