Are you aware of any reason why Teck would not book reserves or even resources for Schaft Creek if an approved FS exists?
I've gone over this in the past a few times. From memory, the TSX regulations say that reserves on historical resources cannot be claimed without a report from Teck themselves. (In this case the term historical means before they bought the project.) When I have more time I'll look for the relevant posts from my post history.
The requirement in the JV agreement that a production decision be based on an approved FS is standard operating procedure.
Strictly speaking the JV states:
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. . . based on an approved Feasibility Study with such modifications, if any, as the Management Committee considers necessary or desirable
I think this leaves the door open to approve the existing FS with modifications.
I'm not arguing with your logic, just the fact that Teck has not said they will do a FS yet, and they cannot be doing it without an official program. The JV agreement does not say that the optimization work has to lead to an updated FS.
I'm just saying that we have no guarantees as of yet that they will re-do the FS or will release the conclusions from the optimizations. In fact Elmer has said in the past that he's not sure if he'll be able to release the optimizations results because of TSX regulations.
I believe that they have re-imagined the mining project at SC. I think they could make a production decision after optimizations and before a new FS, but none of us really know for sure. They've done some hinky things in the past like using inferred resources at QBII.
The JV agreement specifically states:
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Any Program to prepare a Feasibility Study shall be prepared under a separate Program and shall be for such term as the Operator feels is appropriate for the completion of such Feasibility Study.
I read this to mean that we will be told if there is a FS being done and since we haven't then they are not doing one at this time and that they are not obliged to do one.
I was responding to this comment which I think is misleading: ExplorationGuy showed us that the Joint Venture Agreement specifically calls for the updating of the BFS with the Optimzation results.
--http://agoracom.com/ir/CopperFoxMetals/forums/discussion/topics/645516-april-30-2015-article-may-be-of-interest/messages/2026263#message
