If using the same reporting structure as QB2, the numbers that show up in the diffrent after-tax NPV (8%) scenarios could be the base for negociations.  They need to get it right also to set the right expectations for shareholders.

Are they going to include the royalties or not in the model?  If I'd be Teck, I'd probably want to include all the royalties in the PEA to avoid over paying based on the NPV.  Royalties were not included in the 2013 FS.

After, the SCJV could calculate all the other CF benefits seperately (milestone payments, Liard shares, carried interest, district potential, etc) and add to the after-tax base value.  That would make it clean.

However, how will those results be communicated for shareholders to understand the total value of the 25%, including all benefits?  Would the Liard dividends also be discounted 8%?  I hope not!  It's not the same risk at all!

Many puzzles to resolve I suppose. 

IMO.

MoneyK