I paraphrased some of the audio file on the new Teck Presentations Page.

http://www.teck.com/Generic.aspx?PAGE=Teck+Site%2fInvestors+Pages%2fPresentations+and+Webcasts&portalName=tc

Sitting on $4b in cash. Easy for us to remain on our current, "Stay the Course Strategy".

No worries to issue shares for acquisitions.

RELINCHO: Big debate: Putting Relincho before QB. Both have to wait. But both projects will go ahead eventually depending on the goverment and the key port & power issues are resolved. We've been approached numerous times to go with a Joint Venture, but have not made that decision. Lindsay would love to get ahead with Relincho.

Buy vs Build?

Copper properties: There were 470 properties we reviewed, very systematically. When narrowed it all down; Only about 3 or 4 that are actionable and compared them to QB2. If we knew that QB2 was already built then we wouldn't go ahead with any of them. High quality concentrate and can go forward for 50 years with QB2. BUT we're not there yet.

Is cash is going to pile up since you have no plans for expansion?

Use cash reserves carefully. But generally using share buybacks are a board decision. And dividend increases will be reviewed in the context of CapEx requirements. Unlikely to do special dividends. Buybacks: raging debate among board members. Lindsay likes to see moderate share buybacks.

5 yrs from now: fewer shares, higher dividend.