What's our concensus about the presence of the BMO people at the AGM? Are they the external valuation people? It seems that whether they have a deal or not, they should have already started that process. I would assume that the BMO figures on the presentation might have been some sort of conclusion driven by that process. If so, they should have some idea about the results of the feasibility.

Although I don't think a deal is done, I am willing to believe that both sides are going through, or have completed, the process of valuation. (More or less, given the status of the feasibility.) Elmer said something about the Port of Stewart saving $36 million per year in costs, and that sounds like a feasibility figure. (On the Orcin tape.)

I think these deals are fairly public. Everyone does their assessments and then one day Teck will make an offer. The offer is fairly simple and to be followed up with a complex contract thereafter. I don't think it is possible to hammer out a long contract before the offer is tendered and then agreed-upon by shareholders.