Hey Grant

According to the JV agreement(as far as I've read) the port, NTL, and land claimes, etc all were rolled into the JV. They aren't gone. Teck can't use them for say another project. That is just part of doing a JV. What type of partner would we be by keeping the port and NTL out of the JV.

I know everyone is angry about Salazar being dropped. But I'm pretty sure there was a loophole in there stating the JV agreement will superseed the Salazar agreement. Our FS showed that 4 years to build wasn't possible, so I'm guessing that would of blown the 4 year clause out of the water.

The main thing from the salazar agreement, which we got was we don't need to finance the build.(If we build....)

I would suggest everyone read the JV agreement again. There are a couple of interesting notes in there with respect to what is needed for the build decision(an up to date FS,etc). Also with respect to right of first offer(two independent audits on the price). Has anyone called in an asked who from teck is sitting on the JV board?