Looks like the mining giants are still bullish on copper:

http://www.reuters.com/article/2011/12/14/antofagasta-idUSL6E7NE4T320111214

In this news release they also mention that they sold a 30% stake in the project for $350M. This can be used to provide a very simplistic way to evaluate Copper Fox.

The 30% stake of Antucoya was sold for $350M, implying a total project value of $1167M.

Antucoya will produce roughly 175M lbs of copper at a cost of $1.55/lb.

At $3 copper, this implies annual cash flow of $254M.

Copper Fox will produce 333M lbs of copper at a cash cost of $0/lb (my estimate).

At $3 copper, this implies annual cash flow of $1000M.

Therefore, Copper Fox should have approximately 4x the cash flow of Antucoya.

4 times the value of Antucoya is $4.7B

Our 25% portion is $1.2B

Add in $100M in back-in expenses from Teck = $1.3B = $3.25 per share

Before everyone attacks this number, keep in mind that this is a rough comparison. Antucoya has the advantage of being in production in 2014 and also has a lower capex. Copper Fox has the advantage of having 4 metals so they are hedged against price swings. Also, Copper Fox could significantly change the picture with an updated RE or new drill results.