Yes, around 85% of the shares are owned by the SCJV, but they could still decide to fully add the expense to the PEA, which would result in a lot less cash flow per year.

Copper Fox would need to express the value of those shares seperately and I would hope they discount the future cash flows by only 1% to 3% like inflation!!!

If Teck buys back our 25%, they could keep all the JV shares for themselves in the future.

MoneyK