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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%)

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Message: Thoughts...

As web stated, a judge would have to wonder why we have provided a 5 year plan. But the onus is still on CUU to prove why when our contract states 4.

Also, if the reason we can't build it in 4 years is because the capex increases too much and it's no longer worth it to mine, does our BFS actually meet the contractual agreement?

I don't think we would have to prove anything--it's not our contract to build within 4 years. The contract is between Liard and Teck, or Liard and Hecla even. Nothing to do with us. Teck has an option to back in whether we give a 10-year plan to build or not. They have to make a reasonable decision given the information that they have about the time to build and the capex, those are the facts, so make a decision.

The capex as is specified in this feasibility meets the requirements of the agreement and Teck has a one-time only decision to make. It is profitable today to build this mine and that's all that is necessary to force the decision out of Teck.

In terms of the 4-year clause that I think exists in an agreement with Liard, well, we'll own 80% of the voting shares in Liard pretty soon. I think contracts can be re-negotiated at that point. However, while we own the shares, we're not likely to want to change that clause. By the time Teck earns their 75% ownership back they could change it I guess. We'll be long gone by then, or maybe close enough to production that we'll be in the mood to extend the terms. To get that 75% Teck has to spend close to $400 million, and arrange financing to carry the project through to production.

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