Re: Copper Fox is a different animal..
in response to
by
posted on
Jun 29, 2013 02:23AM
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%)
No...backin after 120 days like the contract says. If you want to buy us out, go for it once you have all your ducks in a row. Give us something
Fair enough Jay, but I have a pretty good idea why Teck didn't take this route and why CF management didn't want to force this issue with them. When I talked with ES back in Jan at the Vancouver conference he said something to me that stuck in my mind. I asked him what he personally thought Teck would do and his thinking was that either they "take it all" have control or walk away. In the last few weeks I have been thinking about this comment and imo, I think he is right about this.
I think Teck wants to take us out completely - 100% of everything - be the operator and then parcel out percentages to partners of their choosing. I think they did not choose a back in months ago because that leaves them vulnerable to somebody else not of their choice taking CF out. Our goal is to sell our interest in SC. We don't care who buys it but I'm betting dollars to donuts Teck very much cares about who they partner with. If they had made the back in choice earlier then our interests in SC comes up for sale to the highest bidder and it may not be a partner Teck desires to get in bed with.
So what better way to take us out, and reduce Teck's risk than by getting a partner involved now to complete the deal. No other Major is going to touch us until Teck makes their decision. Doing it this way kills two birds with one stone.
Also, imo, for CF management to agree to this long a delay must mean we are getting close to a deal. I don't think ES or EE would jeapordize wasting another drill season if we were far apart on an agreement. So while the silence is agonizing we just need to have a little patience and faith management has not gone off the deep end but is acting in the best interests of all shareholders.