Someone actually called (Martin in Milton, Ont.) and asked about CUU. Rule didn't have anything good to say.

He said it's a very, very difficult environment for juniors like Copper Fox.

The $3 billion up-front capex and the IRR makes it very, very difficult to go into production this cycle.

It's the kind of stock that might have worked several years ago when investors were looking for leverage to commodity prices, but what people are looking for is return on capital employed and capital efficiency.

He expressed skepticism that a major (without naming Teck specifically) would make a move on Schaft Creek as he said majors are selling, not buying "third tier copper properties."

"The idea that a junior is going to sell into a major when the majors are divesting themselves, makes it a very, very financing environment for the juniors this round. That's a deposit maybe for next cycle or maybe the cycle after that."

Yes, he said "very, very difficult" twice. I think it's safe to say Rick Rule doesn't own any CUU stock.