VD has a NPV (7.5%) of 800M US if the project would start today.  If it's still 5-6 years away, you probably need to discount that NPV by another 5-6 years, which would bring it to around 50% of the "time zero" NPV.

This is another reason why Schaft Creek would warrant something closer to 25% of the NPV, because it's mostly ready for production.

IMO.

MoneyK