Teck is getting rid of this stumbling block with their optimization study. I wouldn't worry about the capex.

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Could you explain why optimization would aleviate the CAPEX?

As far as I can see, having a clearer vision of the property doesn't relieve the up front build costs and delayed (although rich) payback.

When bottom line is strong, more agressive/longer term moves to be made, when things are uncertain or weak - more conservative moves and shorter term outlook. At least thats how it looks to me.

I welcome your reasoning for your above statement - my opinion isn't set in stone and you may be able to change it?