Copper Fox Metals Inc.

Do not care what anyone says you do not build a 180,000 ton per day mine for less than a 130,000 ton per day mine. So Capex will be more than the FS #'s.

First of all, you can't conceded to a positive NPV but then go "but whatever, production won't start until 2020". The NPV calculation factors that in already.

Secondly, the CAPEX for the 130,000 TPD mine is $2.8 Billion plus 15% for contingency = $3.2 Billion. Not the $4 Billion you are throwing out.

Thirdly, the BFS was very conservative in terms of recovery rates and counting 171 MT of inferred as costly waste removal. In line with recommendations from the BFS and Elmer, Teck will improve the recoveries, double the resource, call it a 180,000 to 200,000 TPD mine, show off the new wildly higher NPVs at this production rate and come out looking like geniuses, even if they do end up spending a total of $4 billion for a world class mine of this size. Economies of scale are huge at Schaft Creek.