I believe that Teck's comments regarding the macro situation will impact their ability/desire to chew off CUU in the very near term.

Absolutely, they are wrestling with the macro, as are we all. This is a real issue and we can't put our heads in the sand. Ernesto himself said after the AGM that he figured a buyout now or in December 'could' be very different depending on the macro situation.

However, that's why the long awaited BFS is so key. It starts the clock, thus forces Teck into laying their cards on the table. Elmer and co. are eager to get the clock started, as he said. However, the BFS must also be done perfectly in case Teck passes for some crazy reason. Then, we go shopping to the majors (again, Elmer's words).

Bring the BFS ... drill holes are nice, and hopefully the Mira is great, but we need the clock started here to force Teck's hand in 2012.