Re: CUU could sell control
posted on
Sep 27, 2012 01:50AM
(iii) if project costs exceed theamount available for project financing, and if Teck Cominco in itssole discretion elects nonetheless to put the Property intocommercial production, Teck Cominco shall provide Salazar's equityportion on a subordinated loan basis at the Prime Rate (as defined inSchedule D) plus 2%. In such event Teck Cominco shall be entitled torecover the principal and interest of such subordinated loan from 90%of the operating profits of the mine attributable to Salazar'saccount after:-----------
My take on this 8.3 (c) iii : they have to build unless there is not enough financing to build, and at negative cost to produce Cu that should not be an issue.