As a reminder here, we are talking about the Pebble deposit, and by extension what we hope will be the same for BCSP deposits.
Firstly, the observation you asked me to respond to is generally correct, but not in this instance in my opinion - check models of the Pebble deposit. A lot of the high grade gold is concentrated at the top and to one end of the larger deposit. Same too for the moly.
Why, therefore, would any miner in their right mind be interested in processing for copper, when they can get to the gold sooner and more cheaply, and use that cash flow to finance other work? After all, copper is around 4 dollars per pound, and gold is around 1,560 dollar per ounce, or leverage better than 6,000 times.
I agree that a lot of copper may be left over from getting the gold out of the high grade ore first, but the tailings can then become feed for later work.
The same may be true for the molybdenum, at least to some extent, but I know much less about moly.
Here's a related quote from the February 2011 Preliminary Economic Assessment - emphasis added.
"As described in the Preliminary Assessment, the Pebble deposit supports an open pit mine utilizing conventional drill, blast and truck-haul methods, with an initial life of 25 years and potential for mine extensions to 78 years and beyond. Phases of mine development beyond 25 years would require separate permitting and development decisions to be made in the future, based on prevailing conditions at the time and the accumulated experience gained from developing and operating the initial phase of the Pebble Project. Near-surface mineral resources in the western portion of the deposit are most efficiently developed through open pit methods, but the potential exists for underground mining (in particular block caving) to emerge as the preferred mining method for subsequent phases of development. Given its size, structure and polymetallic nature, the Pebble deposit presents a great deal of flexibility in near-term and long-term development options."
Again, as valuations based on discounted cash flow analysis will very likely not consider income beyond 10 years, gold and moly, I think, will comprise substantial portions of initial production in order to raise the value of the project.
Having said all of this, a full feasibility study will trump all opinions leading up to that point.
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