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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Teck is in a pickle!

Teck is in apickle a little gun shy from the Fording Coal deal even though it is making a lot of cake for them. They will pony up or someone else will. Perhaps they so screw it we will take 40 % bingo. 60% of 6 billion pounds of copper at minus production and the new buyer is in control and they can have a free 300 million towards the capital cost. I know it is only a small fraction of the 5 billion but it is better than nothing. If we go from 25 % to 60 % did our value just jump by 35% or is all the value in the back in and Teck has to finance the building. Actually I am finding this kinda of amusing first once the little guy has the big guy in a corner and insider ownership which is not willing to sell for nothing I love it.

Cheers


Sep 09, 2012 03:39PM
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