I was looking at Teck's other optimization studies and found this quite interesting in view of our inferred.

In 2012 Teck applied for a relief of the disclosure rules surrounding 43-101 studies. They specifically wanted to provide an economic analysis for QBII and include inferred resources in their disclosure. They said the inferred resources were reasonable from a technical point of view, and material disclosure.

Their request was approved as long as they also did a base case analysis without the inferred.

Clearly they are prepared to include the inferred when they are confident that it will contribute to the economics of the project.

Here's what they said (sounds kind of familiar):

the Feasibility Study identifies a further 0.744 billion tonnes of indicated resources and 1.481 billion tonnes of inferred resources outside of the mine pit design, but within the resource shell; various factors restricted infill drilling of the hypogene deposit within the mine pit area;

Another point Teck made in their application (also should be familiar):

a mine plan including inferred resources within an optimized pit based on probable reserves, and the associated economic analysis, will form the basis of the Filer’s investment decisions regarding the Quebrada Blanca Hypogene Project, including the decision on whether or not to commit funding for the project;