The easiest way I found to estimate the value for our 25% goes like this:

• Anyone willing to pay us for 25% of the capex cost, should make at minimum a 12.9% after-tax IRR for many many decades.

Personally, I'm thinking that with the improvements & higher LT metal prices, that after-tax IRR could easily be north of 15%, which is a very decent number for a multi-decade project.

This only issue is how many years left before a production decision.  From the Teck slides, SC is currently a 2033+ project.  This means maybe another 5 years before a production decision?

IMO.

MoneyK