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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: Re: CUU could sell control
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Sep 26, 2012 08:01PM
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Sep 26, 2012 11:14PM

Nevertheless, the contract states that if Teck elects to proceed to earn-back 75% they may, if in their sole opinion they deem warranted, make a decision to place the property into commercial production by constructing a mine and related infrastructure. It's all there in the Agreement.

They have to spend the money to earn back their share, but they do not have to make the decision to go ahead and put the mine into production. They could spend the money doing more exploration work or whatever, but they cannot be forced by that clause into production.

What we don't know, is how the 4-year back-in clause is written that presumably would force their hand somewhat, or at what point that clause is triggered.

The 75% does become effective after they've earned it by spending the money somehow.

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Sep 26, 2012 11:27PM

Sep 26, 2012 11:46PM
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