First let's talk EXPENDITURES:
Assuming we have 80 million expenditures and shares fully diluted 397 million
| |
20% |
40% |
75% |
| Teck must pay |
80 Million |
240 Million |
320 Million |
| TECK Portion |
16 Million |
96 Million |
240 Million |
| CUU Portion |
62 Million |
144 Million |
80 Million |
| |
|
|
|
| |
0,156171285 |
0,362720403 |
0,201511335 |
With no buyout and back in at 75% the expenditures = 20.15 cents a share
BUT
If Teck buys us out they must still fulfill their part of the bargain and give CUU the value on 400% expenditures, not just 25% of 400% = 81 cents per share!!! Close to our current share price!!
Assuming they don't buy is out we get 20 cents a share.
============
Now the FINANCING:
2008 construction cost and infrastructure was 2.9 Billion. Does the Teck financing include sustaining capital (extra 800 million) ? Let's say it does not.
So Teck is financing our 725 million = $1.82 per share
If you include the sustaining capital, add CUU's portion 200 million + 725 million = 925 million = $2.32
Add to these numbers the 20 cent for expenditures or 81 cents if buyout,
Now we didn't even touch the subject of the control...the RE metal value, the extra land and potential , the Liard shares, the NSR (Net Smelter return) etc etc.
Look at it on a annual earnings point a view. I've heard that Base metal companies trade at 8x futur earnings some at 16 to 24x earnings.
So all together what's our 25% worth......ALOT.
