I agree with lletea, and Golf when determining the "real" value of SC.

Greg Waller got back to me aswell today....last post lol.

We have not made a commitment to develop Schaft Creek. Any plans for taking on additional capital expenditure commitments would have to be done in the context of our commodity market outlook, free cash flow generation and alternatives for investing that capital.

Regards

Greg Waller

I asked him about the idea of developing Schaft Creek and Fort Hills simultaneously as they are both huge projects that need billions of dollars in capital expenditure.

Now when you try to analyze the above statement it seems Teck can develop both projects at the same time once plans are finalized and a commitment is made. For Teck to take on additional capital expenditure (for Schaft Creek) it will be done in the context of:

1) Commodity market outlook- Positive according to Teck management.

2) free cash flow generation- Teck generates $250-400 Million each quarter which could sustain both project's developments.

3) Alternatives- Elmer's response earlier in the day ties well into this approach as a potential alternative can be Teck selling a portion of their interest to a partner inwhich they earn their interest by putting up financing.