Copper Fox Metals Inc.

The Capex is 3.2 billion – 2.4 billion to Teck and 800 million to Copper Fox. Arranging financing does not mean that Copper Fox gets it for free.Copper Fox must pay for its 25% of the Capex from its portion of cash flow.

If Copper Fox had to arrange the 800 million on their own, do you think that they could get it and if they could, what would be the interest rate! Obviously, with Teck arranging Copper Fox’s portion, the cost of getting the capital will be lower.That is an advantage to Copper Fox (or any acquirer of Copper Fox’s interest), but in the overall scheme of things it is not a major advantage.

calvin123456789 wondered about how to value $800 million of financing done on behalf of us by Teck? One simple way is to just value the whole project as though it was done by Teck (which will be done) and then take 25% of that. Alternatively (as calvin has done), work with CUU’s estimates of cash flow from their presentation.

The Liard shares have special cash flow. I wonder if CUU’s figures take that that into account. I presume it does.

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