I think increasing the LT copper & moly price to your values could make sense.

My understanding from the carried-interest is that Teck needs to arrange financing for our share of capex.  In my books, this means any future partner wouldn't need to secure a loan with the bank, which is a lot less risk on their balance sheet.

Also, I'm not sure how much down payment a bank would require to finance a mine, but based on QB2, Teck financed roughly 60% with debt and they need to finance at leats 60% for SC.  Whatever money the eventual partner can keep in their pocket is an opportunity to generate profit elsewhere and this for me is where the value is coming from.

100-200M at 5-8% per year ends-up being a significant amount until payback is done (around 10 years for now). 

IMO.

MoneyK