I totally agree with you, but why would Teck allow the meter to run with all the commodities expected to increase substantially, could they have already agreed on price just awaiting the PEA to justify it? It wouldn't make sense to allow the price go unbridled with the expected boom in the silver, copper, moly, gold prices, would they?

Not only does it take 2-3 yrs before LT consensus prices start to unbrindle NPVs,  Teck's Don Lindsay has a long and well documented history of pussy-footing around until it is suddenly the top of the super-cycle before he strikes.  Look-up Fording coal acquisition, done at cycle peak, and almost sunk the company -- had to sell 17% of the company to the CIC as bail out.  Then there's the ridiculous Fort Hills decision, when Schaft Creek was sanction ready, and when oil was at the cycle, if not forever, peak.  To think of the billions and billions of losses, write-downs, and all that lost SC opportunity won't stop history from repeating.  You just watch!  As I have been predicting lately, it will be another year or so before Teck drops the partner-water-drip torture and are forced to pony up HUGE.   You can't teach an old Don a new trick!  LOL 

JMHO