Basically...i see it this way.  Teck loves the deal they made with QB2, purchased at a lesser price and resold it as an earn in deal with SMM. This allows them to own 60% of a large copper project but pay for 15% of the construction costs only.

Of all the projects currently, which ones can Teck "replicate" the same deal?

QB3? They have some sort of agreement with SMM already.  Plus this is going to be 5-6 years after QB2 is in production.

Galore - they only own 50%, they have to figure a way for both them and Newmont to sell their portion.  Again, they ownership is going to be less than 50% and who's going to be the operator?

Zafranal / San Nicholas - These are are possible as they own pretty much the asset.  But they been talking about selling it off.

Mesaba - Possible.

This is where i see SC as an potential similar asset that they can replicate.

Take CUU portion out and sell it.  They can use their Canadian tax credits on top.  They can be operator, it's in their backyard.

Question to me is what value can both companies agree to?

PEA value at $845 million, how much more can the value be pushed up to?