Some of you may have read the article in the Globe Investor about Teck Corp's recent string of acquisitons and their new long term strategy. The article states that "Mr. Lindsay (CEO) also likes Canadian diamonds, but because the country's two major mines are controlled by De Beers and Rio Tinto, Teck would have to stick with smaller projects for a foothold."

This could bode very well for SNO.  The last part of the article is included below.

Teck CEO still hunting the next deal

Don Lindsay's deal-making days aren't quite over. Although he says a major transaction is unlikely in the short term, he remains keen to boost Teck Cominco's exposure to commodities whose prices are set by long-term contracts and not by the daily trading on the London Metal Exchange.Iron ore, uranium or diamonds would do the trick, but finding the right project to increase Teck's annual revenue from so-called non-LME commodities to 35 per cent from 20 has proven difficult.Simply buying the remaining 47 per cent of the Elk Valley Coal partnership it doesn't already own would not fulfill the mandate, according to Mr. Lindsay. "I think doing something else would provide better and broader diversification," he says. Something else could be iron ore. Teck wants producing assets so it can sell the commodity to steel-making customers already buying its metallurgical coal. Mr. Lindsay covets Rio Tinto's controlling stake in the Iron Ore Company of Canada's operations in Newfoundland and Quebec, but doesn't think the asset will come up for sale. As for uranium, valuations remain high despite a recent market correction and the Teck chief executive officer says there are reasons why mining the metal used to make fuel for nuclear reactors is challenging."If we saw the right property and thought permitting was possible and political risk was minimal, then sure, we'd be interested. Taken all together, those three things are difficult to find."Mr. Lindsay also likes Canadian diamonds, but because the country's two major mines are controlled by De Beers and Rio Tinto, Teck would have to stick with smaller projects for a foothold. That leaves thermal coal (used to generate electricity from coal-fired plants). Some analysts believe a U.S. coal producer will be Teck's next acquisition target.