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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Fair value for 25% of SC
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It was 1.2B US for 30%, but you can't compare that directly with 25% of SC.

At the end, Sumitomo will have paid about 30% of capex for a 30% ownership, but at production stage, meaning their investment is not sleeping.  QB2 should provide about a 13%-15% IRR at $3.25 copper.

Anyone buying our 25% would get a similar IRR if not better for its share of capex, but who knows in how many years?

NPV is a good metrics, but the closer this gets to production, the more other metrics (e.g. EBITDA, IRR) might be more pertinent.

30% of QB2 sold for like 150%- 200% of the NPV, so that metrics was not very relevant it seems.

MoneyK

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