This would be a fire sale price. We can't sell it on NPV at 120k tonnes/y. Simple as that. We were asked to make the case at that rate. So we are. However, it's not up to us to set the true rate. The deposit could sustain 500k/y for a decade before we got out of the high grade. Should we give away the pounds because Teck doesn't want to scale up? What if they wanted the NPV based off the original t/y! That would set a price of about $2.24.

Teck could laugh to the bank. They would then set up 3 years of the highest grade and pay off the capex using a 350k/t mill and the next 30 years would be gravey.