I believe the federal EA and related regulatory issues are a critical piece of the hold-up and a key determinant for Teck. Economic feasibility is only one consideration. A multi-billion dollar deposit primed for extraction is essentially worthless if permission to remove the minerals is ultimately denied.

Enviro approval may seem in the bag (and I hope it is), but these things can change with the wind as new developments are encountered.

Teck will want to be absolutely sure there are no future impediments or surprises.

A question on my mind is what the obstacles and timeline for regulatory approval are and if we are comfortable that approval is forthcoming.