Apologies if I cover points that have already been stated, but no problem re-enforcing all the pertinent points, all as I interpreted them:
BFS will be officially delivered to Teck by mid-January, 60 day JV and 120 day election clock start ticking
JV can only be requested via a previous election so that the JV agreement can be created based on the agreed election %
$3.25 Cu price used based on predicted increase in demand from China and India, not on what the curve predictors use ($2.50) as it doesn`t make sense. ES sounded pretty confident in this number.
ES has been blacked out for almost one year.
If 900 MM te moved from inferred to M&I then 19 year mine life of SC increased by another 21 years to 40 years, and that`s just based on what we know today.
BFS is on pit shell only, less than 1% of total area included in BFS
6 targets North...all not part of BFS
If Teck go with 75% back in then $340M available to move project enhancement forward (e.g. 10 DD programme to transfer shell pit `waste`` rock to measured). If Teck do not opt in then CUU will decide on what to do, most likely drill up and increase measured resource, re-do RE and make the whole prospect more attractive to potential suitors.
Drilling in North and South halted based on economics only, CUU had done all they need to for the BFS and proving up the potential of this district. The big boys can do the rest or go in a JV if they want help :)
EA, normally takes 1-2 years, CUU has been transparent with all relevant authorities since 2010, all questions on EA certificate application should already have been answered, CUU still in regular contact with issuing authorities.
My take on the call was that Mike & Elmer sounded happy if not slightly tired (well wouldn`t you be making sure a 5000 page BFS is done correctly). looking forward to see how the trading goes on the SP over the next few months.
Again, thanks to all who were on the call and forwarded information and their views today, glad I was off work today to listen in and buy some more.
Cheers
Max
