Another way to see it is that Agnico will pay around $830M US for an expected EBITDA of around $200M US LOM once capex is paid.  That's about 4 to 4.5x the EBITDA, which was similar with the QB2 Teck/Sumitomo transaction.

SC's EBITDA is currently $514M US LOM.  If you multiply by 25% then by 4 to 4.5x... comes to around the same for now. 

Let's see with the improvements... whenever that day comes...

IMO. 

MoneyK