Fictive and just for entertainement.

Copper Fox:  SC is (or will be), more or less, 50% of QB2 for all aspects.  1/2 the capex (money out), 1/2 the cash flows (money in) with a similar IRR.  For QB2, Sumitomo paid 9% above their capex share for a similar ROI.  The equivalent for 25% of SC is $725M US and that's only for the PEA portion.

Teck:  But Sumitomo paid that price at sanction.  SC is only at PEA.

Copper Fox:  Agree, but if you don't drag your feet another decade, SC could be sanctioned 1 year from now.  Also, don't forget that Sumitomo needs to pay NPV incremental, they are exposed to cost inflation and they need to put all this money upfront.  Those are all protections included in our package and we feel that leaving this on the table is already very generous in nature and should be more than enough to compensate for the "PEA" level, don't you think?

Teck: I guess... from that perspective... $725M US does seem like a bargin!

Copper Fox:  You're absolutely right!  Oh!  On top of that, let's not forget to add the two remaining milestone payments ($40M CAD) and 2% NSR applicable to anything that will be mined above 1000MT for the next 1000 years.

Teck:  That's pushing it a little...

Copper Fox: Not really, it's just fair value for the risk Copper Fox shareholders took for Teck all these years. 

Teck:  What will our shareholders think if we pay so much?

Copper Fox:  What will they think if you lose this unique opportunity to secure the remaining 25% of copper district in North America?  I'm sure someone else would appreciate the quality of our assets as a package for even more money.  Should we try going elsewhere?  It's a nice and sunny day.  Let's avoid all this non-sense, close the deal now and enjoy the remaining of golf course.

Teck:  Agree, where do we sign?

MoneyK