With the CIC aready owning 17% of Teck, buying another 25% of a long term project such as this would make sense and they are already a part owner of Teck.

There are so many ways that a third party could get into this project. The Lundin deal involved Franco-Nevada paying $648 million up front for streaming rights to buy gold and silver. With our deal with Teck we can sell to someone who has no intention of operating the mine but wants the output. F-N is getting the right to buy 66K of gold and 1.3m oz of silver per year for that money, and it runs out after 14 years. That is less than SC.

Another example, Codelco is having to buy copper concentrate on the open market to blend with their copper coming out of Ministro Hales because the Chinese smelters won't accept the high arsenic content. They have to ship it to Taiwan and have it blended then ship it to China. Our concentrate is supposed to be low-arsenic and clean and prime for blending. They need 10-15 tonnes of clean concentrate per tonne of their own. They could buy out our share and have a steady supply of clean concentrate.

Chinese smelters aren't even sure if they are going to buy the blended concentrate, but one day they will likely have no choice. I think we're going to hear a lot more about blends in the future.