... but Schaft Creek is better!

Assuming both mines have the same cost to operate:

QB2 is around 500Mlbs CuEq LOM

• 500Mlbs x $3.15 US x 60% (Teck's ownership) = 945M USD of revenues

Schaft Creek is around 400Mlbs CuEq LOM

• 400M x $3.15 US x 75% (Teck's ownership) = 945M USD of revenues

At this point, both are similar for Teck, so if they put QB2 in production, Schaft Creek should be a no brainer. 

• Capex is lower
• They have a bunch of tax credits available for Canada
• On top of that, I believe Schaft Creek will be cheaper to operate.

Teck could also easily increase their Schaft Creek ownership to 100% which would give them revenues of 1,260M USD vs. 945M USD for QB2.  That's over 300M USD more revenue per year!

Therefore, if I'd be Teck, I would:

1. Buy Copper Fox (Schaft Creek) with Teck shares
2. Keep 100% of Schaft Creek, finance the maximum with debt and the remaining by streaming some gold for a couple of years. 

There's no need for a silent partner with gold at $2000 US.  Gold streams above $1000us/oz are possible these days.  Come on Teck, get it done!

MoneyK