"A mining operation that generates $800 M a year, depending on the discount rate used, should be worth at lease $8 B. Give us our 24% or $1.9 B and that would give us about $4.57 a share, even without any consideration for the rest of the unexplored properties. That is, Teck will get a $8 B mine for $1.9 B. What a steal! Not only that, the capacity can be scaled up to 150,000 tons a day, and that'll make the mine worth another $2 B more! And I haven't included the rest of the mineral claims, the reserved port facilities etc. etc."

Sorry if I'm missing it, but where does the capex factor into your calculations?