Re: CUU could sell control
in response to
by
posted on
Sep 26, 2012 09:47PM
CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)
Another way to look at it this.
Tech doesn't think we are competent as the managing partner when it comes to mine building and they are right. We can't delay the development on purpose as that would violate the spirit of the agreement. We don't really have the manpower to pull it off so Teck would have to volunteer some people. If we suddenly start hiring builder management then ok we can manage the contracts and execution. Would we have a different vision of how the money gets spent? Nope, not really. It would be up to us to spend it within the time frame and spend it right. Could we award contract to our friends? Yup and this is where we might disagree. Suppose we don't want Ledcore building it (crazy). We could decide to contract for our own political points. Teck might not like that. I doubt we'd deviate materially from the proper course and that includes using people who have already vested time in the project. Not many are aware of just how far ahead Ledcore has planned this. They are ready to go. One issue that would definately impede things is the environment permits. When this agreement was drawn up 4-5 years was not an issue but welcome the NDP and you have a 10 year process. Where are we at now? There are some other issues but I'll bring those up later at the right time or when relevent.