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  "documentTitle": "Teck Resources (TECK)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2021-05-12 00:00:00",
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  "notes": "The slide highlights the project's value sensitivity to copper prices, comparing underwriting assumptions ($3.00) to current market ($4.50) and bull case ($6.80).",
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      "text": "The project was underwritten by TECK to a $3.00 a pound copper price. The forward curve today is around $4.50, so the returns are better.",
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      "text": "NPV at 8% discount rate: 14,625",
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      "text": "The project was underwritten by TECK to a $3.00 a pound copper price. The forward curve today is around $4.50, so the returns are better. We analyzed go-forward cash generation and at an 8% discount rate – consistent with what TECK used in its underwriting – there is significant value. If one buys into the Goldman bull case of copper at $6.80 a pound...",
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      "text": "Source: TECK financial reports, available at https://www.teck.com/investors/financial-reports/; Bloomberg LP, retrieved May 7, 2021; Greenlight calculations.",
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      "text": "Copper Price ($/lb) $3.00 $4.50 $6.80 NPV at 8% discount rate (C$ M) 2,779 7,455 14,625 % of Current Market Cap 17% 45% 87% % of Current Enterprise Value 12% 32% 63%",
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      "text": "QB2 sensitivity to copper",
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