RT,

Do my numbers make sense:

Here is why I think Teck can develop Schaft Creek and Fort Hills at the same time-

Assuming an average cashflow per quarter of $300Million with the assumption of higher metal prices through 2014-17.

Financial Outlook for Teck

Cashflow Capital expenditure

2.3 billion in cash Schaft Creek buyout (Ex. 2 Billion)

2.0 billion in finance borrowing

250 million Q4 2013 Fort Hills Schaft Creek

1.2 billion 2014 735 Million + 800 Million= 1.535 Billion

1.2 billion 2015 735 Million + 800 Million= 1.535 Billion

1.2 billion 2016 735 Million + 800 Million= 1.535 Billion

1.2 billion 2017 735 Million + 800 Million= 1.535 Billion

Total funds: 9.35 billion 8.14 Billion

1.21 Billion surplus: This could be used for other investments, kept in cash, etc.

These numbers assume Teck not finding a partner to help reduce costs at Schaft Creek, higher metal prices, a 2 billion dollar takeover of Copper Fox based off a better NPV, no other capital costs within Teck's plan.