CDN $5.5 Billion (NPV8) *

It was a severely sandbagged FS that mustered only $500K NPV at 8%.  Despite being weighed down by so much waste-not-waste paydirt the project still showed $2.5 Billion Real Options Value at 5%.  ROV accounts for and weighs the discounted values of most conceivable future outcomes and weighs the full scope of these possible future values.   I some how doubt the analysis would have placed much weight on the possibility that copper could get in a hurry towards $5 and gold north of $2,000, but we're just about there already.  So the 2012 real economics s/b somewhere above the average ROV scenarios value of $2.5 Billion.   That should be your starting point before 8 years of Teck optimizations.

My gut tells me though, not to expect the release of PEA numbers for many many moons to come.  

* (insert Teck's new disclaimer on using inferred in project economic projections) 

JMHO