Took a further look into the numbers.  When using 0.80 as an exchange rate and the SC 2013 FS numbers only:

- QB2 will generate around 1.1B US or 1.38B CA

- Schaft Creek will generate around 664M US or 830M CA (without other improvements)

Sumitomo roughly paid 1.09 times the one year net cash flow (USD) for 30% of QB2 + rights to contribute to QB3.

If we are valued the same way, we could expect 723 US (946M CA) for our 25% (including liards shares, etc) giving them also rights to phase two that would use the other 50% of the ressources available.

If they can increase the net cash flow by 50%, that would bring us to 1.4B CA.

Since QB2 only uses 25% of the available reserves and Schaft Creek uses 50%, I'm not sure what value they would put on us, but many have mentionned something between 800M and 1.2B

Seems right in my opinion.

MoneyK