His comment was referring to equity valuations, and that a typical premium for an acquisition in the 30% range may not apply when there is a concentrated shareholder base. If say, there are 4 or 5 shareholders that hold 30 to 40% of the stock, they often are not willing to tender to an offer and will require a much higher premium to complete an acquisition. Regards Greg Waller VP Investor Relations Teck Resources Limited 604 699 4014 greg.waller@teck.com