I listened to this a few times and get the impression that Shaft Creek is on their radar but it all depends on the future commodity prices.

He says they do a lot of work with a lot of juniors and its the properties they want if its economical.

He mentions people think now is a great time to buy because the share prices are so low and intuitively this make sense but in reality the entities they are interested have 3 or 4 shareholders that own majority of the company and they don't want 30% premium with the commodity prices but 60,70 or 80% premium and he thinks this won't work. I was bummed out after hearing this but that makes sense. When you are selling something you want the highest price possible and when you are buying something you want the cheapest price possible.

This gives me the impression negotiatons are going on already over Shaft Creek but they don't want to overpay. End of the day it has to make sense for Teck economically and it depends where they think commodity prices will be in the future.

I had to listen very carefully and kept replaying but their decision will depend on the price and capital cost.

Things they look at:

1) Mine Life - long or short

2) cost on the cost curve

3) Political Jurisdiction

4) Terrain - flat land like Australia or moutain terrain like Chile or Canada

Near the end I felt a little positive again when he mentions mining companies make the most profits when there are price spikes and having long mine life makes projects worthwhile.

End of the day where do you think commodity prices will be in the future!

604DD