I have done that. Not only did I use price in my selection I also looked for geology that was a close as I could get it. Then I detailed their IRR statement for good measure. I was not able to blur all the outlier details but I did apply smoothing.

Our problem is less one of payback and more one of size. They need to buy 1 SC off us and give us the green light to prove up another. I would take a lesser amount for a fat spinco. I got the impression from Elmer that he wants to be free of this alltogether and wants a clean buy out. I doubt he will sell 2 SC at the price of 1.

Just have a look at what's going on around Teck's Highland Valley for some real perspective. Happy is gaining ground on their deposit rapidly. Once it's defined Teck will give them a JB return for it. They will get 6 years of some pretty good grades. The rest they can pick away at as the please. I expect Happy will discover a larger resource at depth but that may come very late in their game. Some of the other guys around there like Newmont are also making big discoveries. While these are finite deposits the ground is open. I don't think they have found the limits of the Quesnel Trough either.

So I point out, Teck will not get the whole district for $2.50. That's just not going to happen. That would be like saying TUO and RG need to throw in the towel and fire sale the properties to Teck because the sunk costs now exceed the land value.