Nobody will pay the full value based on SPOT price.  Copper would need to stay at 5$ for a long time before it becomes the new long term consensus price.

I know. So he waits another 3 years after the 2-year climb to capture "full" value of a $5 3-year average when we are 5 years from now (or a little sooner if you are right about them 'guessing' of a fair "future" 3-year average (whatever that means)).  (and of course it is not capturing full value because of the time component to ROI...  the SCJV proves Ernesto doesn't understand or care about this time concept as the JV provides us with ZERO timeline commitments to us).     

Crunch the numbers with $5 US Copper and $2,500 US Gold as three year averages.  His eyes would be popping out and his hands would be wringing to bruises, imho.  Just saying...based on past actions.  He may double down on his patience...

JMHO