Chowdah... The $3 CUU SP range is 'fair value' for the deposit. Zero buyout premium, Zero discount. It is like payig $3 for $3 of cash. That is the point of using NPV. Anything less than $3 is a discount.

Don Lindsay does impress me. I think he 'gets it' in terms of understanding metal price cycles, emerging markets, and metal demand. I think it was this same thinking that led Tck to Fording coal. Fording coal turned out to be a great asset. Leadership vrs the voiciferous mob of short-sighted shareholders.

Chowdah: "... If Teck declines to back-in CUU could require at least another 2-3 PP's over the next 2 years to fund the operation, and that will not bode well for the shareprice, meaning a buyout in the future will be even lower."

CUU may well have to continue financing. I have no proplem with that. They have been able to add several times the value to the asset for each $1 spent. I call that investment. That is why I incorp 400M shares into my calculations. This should be no surprise. Another 2-3 PP's is only about 5-10M shares... I don't call this bleeding.

You need to take another angle on these 'non-producer', 'dilution', 'Fording Coal' angles... they don't hold water imho.