So Lundin Mining is buying 80% of Candelaria for $1.8 billion. Plus, if copper remains over $4 a pound on average during the next 5 years they have to pay an additional $200 million, calculated as 5 % of net revenues. (Seems an odd clause if you think copper is looking bad!)

To pay for the deal Lundin is selling 68% streaming rights for gold and silver to Franco-Nevada for $648 million.

Candelaria has about 14 years of mine life left, will produce 156,000 tonnes of copper this year, 97,000 ounces of gold and 1.9 million ounces of silver.

Cash costs for 2014 are supposed to be $1.80, but over the remaining 14 year LOM they are estimated to be $1.69. It has mineral reserves of 380.4 million tonnes at a grade of .54% copper equivalent.

Those cash costs don't compare well to SC even with the FS increase.