In my opinion, the Transcript does show that Teck in the short term will likely shy away from activities with large capital expenditures. However, I still also think that Teck will develop Schaft Creek together with another partner that to help offset the capital.

While the commodities market is being hammered lately - and wow it is quite the ride that I'm not enjoying. But there are lots of very interesting and hopeful comments in the transcript that show how valuable our SC investment really is.

- a lot of the good opportunities were taken then (5-10 years ago) and that are held in the strong hands and they are unlikely to free up

- exploration worldwide generally hasn’t been that successful

- one thing we have learned as an industry is that at least 10, 12 years, probably 15 before there would be any production from those discoveries

- if you are looking to grow near the medium-term production and cash flow, there is very, very little out there

One day the market will realize these things - and we will be in a good position becuase it takes so long to add more production. So rightly or wrongly I'm choosing to be one of the strong hands and wait. I don't know when it will turn around - probally longer than I want - but it will improve dramatically.

Somebody mentioned recently how gold is at 6 year lows. That is true if you talk about US Dollars - but in Canadian Dollars, Gold in 2014 was up 7.9% and so far in 2015 it is up 3.9% in 2015.