Re: VETTES PREVIOUS TALK WITH ELMER
in response to
by
posted on
Feb 21, 2013 04:07PM
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%)
There is currently a proceeding before the OSC regarding insider trading in Baffinland Iron. The legal documents talk about the background negotiations that were going on. It gives a timeline for the buyout.
August 2009--Arcelor Mittal expressed an interest
December 2009--First proposal offered
Ongoing negotiations through 2010
September 2010--competitive hostile bid (this is the questionable insider trading.)
November 2010--AM made a better offer
Nov 2010-Jan 2011--a number of better offers made by AM & hostile bidder
January 2011--joint offer made between competing parties accepted
The process for AM would have taken about a year, but could have been less than 4 months if their initial offer had been accepted. Teck has probably been working on ours for at least 6 months. They also have inside knowledge of the project going back many years.
Teck had already reviewed the supporting documents that went into the feasibility before the feasibility numbers were released to us on December 21st. I would think they have had enough time for DD by the end of this 30 day period.