Yes. An 'innocent' little number popping up in similar conversations - valuation of big, long term projects.

I agree, $2.50/ lb Cu is a low, conservative figure to show whether projects can fair reasonably during rough metal prices. The last time Cu price was $2.50 was in 2009 and hasn't really tested that level since. The current three year trailing average Cu price is $3.50. We used $2.90 in our 2011 RE when the 3yr price was closer to $3.10. Better to use conservative number than cherry picking the price of the week and then having that price dip the next month.