NSR is payable year 1 and based on revenue.

1% NSR for Red Chris sold for $165M and they are far from SC revenues.

Dont keep your eyes closed with high expectations if looking for a check today.

Teck knows the value of money in time.  $200M invested 12 years ago at 15% now gives them over $1B without losing any buying power and 200M is not even close of what people where expecting here in 2011.

Why buy SC if they make more money elsewhere?

Yes we are creating more value, but in my opinion, Teck is creating more elsewhere by dragging this as long as possible.

MoneyK