Re: Conversation with Mike Smith
in response to
by
posted on
Mar 19, 2013 09:57PM
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%)
The delay in getting word to us could indeed mean Teck declined. Bankers have had enough time to look this over. The term bankable is defined. It does require a good faith effort unless the financier is agreed to in the contract. It is subject to the times. It is probably one of the weakest terms introduced in law. Yes, you could pour water through it.
What if we had an IRR of 60% but the banks were seized up in another phoney liquidity issue?