Our so-called "carried interest", as you and CF like to called it, is not a true carried interest.  A true carried interest means you have no capex costs to pay in order to participate fully in your share of profits.  Copper Fox must pay for 25% of the capex. It just doesn't have to do so until profits roll in.  We get our full share of profits once or capex has been repaid over a 5-7 year period.  We simply get guaranteed financing from Teck, not a carried interest, IMO.

Don't forget that NPV already accounts for having to pay capex.  I can't see a Major arguing with us that we should accept less of the NPV because of having to account for interest cost of financing their share.    The acquiring major doesn't have to arrange financing through Teck, or anyone if they have cash flows -- which they all do at record levels these days.  The SCJV allows the Jr the option to upfront pay or obtain their own financing. 

lastly, yes, the SCJV can be attractive to a smaller acquirer because of the guaranteed financing.  We have always known this. 

The NPVs are based on $3 and change when Cu has averaged near $4.50 over the last year and everyone knows copper is going to triple minimum over the next decade.

No NPV discounts !!  We have to be talking PREMIUMS !