Some posters have suggested that SC might become Teck's next big project.

It is possible that may still happen, but Teck has clearly shown their priorities by how they are spending money. They are planning on spending around $100 million on QB2 copper mine optimizations, whereas they are only committing to spending $2.5 million on SC optimizations.

We are in a holding pattern - progress is being made but it will be slow. In a world of quick profits, I just don't see any quick happening for us anymore. Nothing until the copper market improves. Plan on a 2-4 year wait.
I plan to continue to buy at different (lower) SP milestones - I fully expect our SP to continually fall.

This transcript is nothing new, but I was reviewing it terms of Teck's plans for SC.

http://www.teck.com/res/tc/documents/_ces_portal_meta/downloads/investors/quarterly%20call%20transcripts/q4%202013%20conference%20call%20transcript.pdf

I think that following comments are releveant from the above:

Especially:

"the fact that there is current Quebrada Blanca in operation with the workforce and the rest of it, we put a priority on QB2"

"we know it is going to be something the world needs and is going to be very valuable one day". (I know this is in refernce to Relincho but I think it is applicable for us)

"We are constructive, quite positive on the long-term outlook for copper".

"each new forecast comes out for the surplus in copper in 2014-2015 the numbers seem to get smaller"

"So we wouldn't want to be doing two projects at once from a project development capability"

Don Lindsay - Teck Resources Limited - President & CEO

I would say it is more of a company decision in terms of prioritization of our capital allocation. We have done a lot of work comparing QB2 to Relincho and for a number of reasons, including the fact that there is current Quebrada Blanca in operation with the workforce and the rest of it, we put a priority on QB2. So we wouldn't want to be doing two projects at once from a project development capability and use of people and skills and executive experience point of view. And also from a balance sheet point of view with Fort Hills going ahead.

So we like Relincho and we know it is going to be something the world needs and is going to be very valuable one day. But in terms of its just place in the queue, it is behind. So I think finish the feasibility there is a bit of optimization to do, but we are just going to put it on hold until these other things run their course.

Orest Wowkodaw - Scotiabank - Analyst

Okay, I just mean in terms of previous expectations. But -- and just second question in terms of copper. I mean at the Investor Day you guys made it pretty clear that you made it a high priority to try to find some copper growth to bridge you to QB2.

I mean, given the feasibility study results for Relincho, can you give us some colour on where your head is at in terms of copper growth between now and QB2 and Relincho, which both look like they are kind of end of decade projects?

Don Lindsay - Teck Resources Limited - President & CEO

Yes. Nothing has changed from our comments at our November meeting. We are constructive, quite positive on the long-term outlook for copper. In fact, maybe even more so today than we were in November.

I note that as each new forecast comes out for the surplus in copper in 2014-2015 the numbers seem to get smaller. And the drop-off in copper production in Chile that is forecast for the second half of this decade is quite material.

So yes, we would be interested in adding to our copper portfolio. And the second part of the answer would be similar to what I said earlier, our corporate development department, it is their mandate to look at everything. And they are certainly looking at everything that is available in copper, but at the moment we haven't found anything that makes sense for us.

One other point I would make is that while we would like to do that and that would sort of fit backfilling some declining production that we have in the next couple of years, we don't have to do that. In the end we are a diversified company, our diversified strategy is based on having the flexibility to allocate capital to where the highest returns are.

So if we see something that we think the returns long-term are better in a project in some other commodity, we can do that even though we have declining copper production. So I think it is important to understand that principle.

Kerry Smith - Haywood Securities - Analyst

Okay. So the costs you have given us previously are still accurate, it is just you are looking for ways to lower those potentially then, okay. And then the second question I had was just on Relincho again, Don, because you kind of deferred this project. Is it more a function of the moly price that is driving that decision or is there something else that is giving you returns that aren't adequate?

Don Lindsay - Teck Resources Limited - President & CEO

No, it is exactly what I said before, that the sequence of projects is QB2 first, and we haven't got the permit for QB2 and we won't have for some time. And balancing that with the cash available on the balance sheet and so on just means that it is going to be further out. So we are on our way with Fort Hills, QB2 will come after that if and when we get the permit. And Relincho after that.