RE:Copper...what's a pound in the ground worth?It all would depend on costs, and uncertainties that could create surprises that increase costs.
We have an underground mine working, so that uncertainty is largely gone. the implementation of the open pit mine has uncertainies associated with it, regardless of who pays for the pit construction.
Note that as the price of copper goes up, so too do the reserves. That is, a higher price allows more marginal reserves to be exploited. That is basic mineral economics.
If, as patchh has alluded, and as was stated in a recent interview with a senior company official, that the waste piles at the Anaconda/Arco site about 7 km away can be reprocessed for low grade copper and somehow NCU is part of that process, then our effective reserves can go up far higher.