So whats the value of our carried interest for a potential buyer?  

1) Anyone buying our 25% would get protection from capex escalation.  If capex increases 3% per year, that could represent at least $20M US of savings per year?

2) Also, all that money saved from possible escalation could be invested elsewhere and generate interests.

3) Finally, not having to put any capex money upfront is a big advantage, as  it shifts a portion of the NPV to our advantage when calculating NPV based on our future stream of cash flows.  Having some years with $0 is better than paying for 25% of capex during those years.  Calculating our value based on 25% of the PEA NPV (8%) is not accurate.  Its like if we would be responsible for 25% of the capex, which is not the case.

IMO.

MoneyK