Chappy, I'm pretty sure you would have came up with that number using your multiple spreadsheets that I'm also pretty sure you've been updating with each NR, so I'd agree with your number as the minimum expected buy-out price for SC only.

JayJ's post was enlightening, two companies viewed as private entities and majority holder decision makers who know the business inside out. They both want to make money and place great value in good partnerships & working relationships. That's the big bonus I see with EE, Elmer & co, with the plays in the US (BXX, Bell Copper buyout) or the rest of our stakes around SC.

So my prediction is $3.65 for SC only before Sep 30, 2012 and a spinco/JV with Teck for the remainder of the BC plays. JMHO.

In these turbulent times I'll be reducing my portfolio risk somewhat, but I'll still remain invested in Elmer's team to a lesser degree until people realise that the end is not really nigh for the world :)

OK, now back to catching up with this thread and no doubt seeing my assumptions answered by those more attuned to this commodity market.

Cheers

Max