They will want to maintain their investment grade and this will limit how much they can borrow.

I was thinking about this because Teck is adamant that they maintain their debt-to-debt plus equity ratio at around 30%. They also want to keep at least $500 million cash on hand.

However, they will also have 20% equity in a project underway that is funded by major partners and that will be producing cash-flow starting in 2018 for the next 50 years. This has to increase their equity at the same time and should easily maintain if not improve their debt-to-debt plus equity ratio.