I understand Dogger, but it's all about long term shortages and prices. We all know these variables are as good as gold. Prices as they are now do not represent the future, not even in a midterm 3-5 years horizon. Projects are all calculated according to future expected cash-flows and this is not only in mining. Tech and ES and EE are looking at value and they want to get the fairest price for shareholders for what will be years of revenues in Teck's hands. After this crisis, there will be another one and so on. A good read is the book The Black Swan. Look it up. Pat