Welcome To the Copper Fox Metals Inc. HUB On AGORACOM
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%)
Message: Teck's 2013 Q4 Results are out!
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http://www.teck.com/res/tc/documents/_ces_portal_meta/downloads/investors/quarterly%20shareholder%20report/q4%202013%20report.pdf
• Our cash balance was $2.5 billion at February 12, 2014.
-Cash unit costs in the fourth quarter of 2013, before and after by-product credits, were US$1.90 and US$1.57 per pound, respectively. This compares with cash unit costs, before and after by-product credits, of US$2.08 and US$1.58 per pound, respectively, in the fourth quarter of 2012.
-In October 2013, we and our partners Suncor and Total announced that we are proceeding with the construction of the Fort Hills oil sands project. The mine has an expected life of greater than 50 years, which meets our strategic goal of developing long life assets in stable jurisdictions. Planned capacity is 180,000 barrels per day of which our 20% share would be 36,000 barrels per day. First oil is planned for the end of 2017 with a ramp up to 90% of capacity within 12 months. Our share of the fully escalated capital cost is expected to be $2.94 billion.
-Profit attributable to shareholders was $232 million, or $0.40 per share, in the fourth quarter
compared with $200 million or $0.34 per share in the same period last year. Profit last year was affected by a $259 million after-tax charge related to the refinancing of our remaining high-yield notes
- Relincho
A feasibility study was completed in the quarter on our 100% owned Relincho project and
concludes that developing a 173,000 tonnes-per-day concentrator and associated facilities
would cost approximately US$4.5 billion (in August 2013 dollars, not including working capital or
interest during construction) with an estimated mine life of 21 years based on mineral reserves.
The total mineral reserve and mineral resource estimates for the project, as at December 31,
2013, are set out in the tables below. Mineral resources are reported separately from and do not
include that portion of mineral resources that are classified as mineral reserves.
Mineral Reserves
Tonnes (000’s) %Cu %Mo
Proven 435,300 0.38 0.016
Probable 803,800 0.37 0.018
Total 1,239,100 0.37 0.017
- Other Copper Projects
A small technical work program at Galore Creek is planned for 2014 to incorporate the results of
recent drilling activity and engineering studies, with no significant field activity planned. No
significant work was done in the fourth quarter at Schaft Creek. Some engineering studies will continue, but no drilling activities are planned for 2014.
Our share of Fort Hills spending in 2013, including our ongoing earn-in commitments, was $298 million. Suncor has indicated a 2014 planned project spending of $3.16 billion, of which our share would be $850 million, including our earn-in commitment.
- Based on Suncor’s project cost estimates, our portion of the fully-escalated capital investment in Fort Hills from the date of project sanction is estimated at approximately $2.94 billion over four years (2014-2017), including remaining earn-in commitments of $240 million.
As I always stated, Teck will not buy Schaft Creek. They like projects where they have partners and usually do not own 100% ownership in any project. Another major will at some point. Teck has too many huge projects requiring immense attention and capital expenditure.
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