"Pebble is primarily a copper play."
But the first order of business will be mining the gold, which is concentrated at the top, and to one end of the deposit - 100 million+ ounces. It can be mined with at huge profit, and will finance the longer term, more costly efforts elsewhere on the deposit.
In a valuation based on a 10-year discounted cash flow analysis, copper will play a smaller role than you might suspect compared to gold and moly, in my opinion.
VP in AZ
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