From what I'm reading. . . the market is not fearful enough yet to consider this the bottom.

There is a thought that more mines have to close and maybe we have to see some bankruptcies. (Sadly Teck was mentioned as one of those.)

Glencore seems to be losing their investment credit rating and heading towards junk, the same as Teck. However Glencore has so much debt that they can no longer afford the debt insurance. They are solidly on track to go bankrupt. Their stock price was down 30% today, and about 90% since their 2011 IPO. They have nearly $30B in debt.

There must be a lot of panic-selling going on at the moment.

Teck has their next conference call on October 22, which should be after our next JV.

Teck is getting so low we're into the price range that some of us thought we would get on a buyout. Hard to believe. If Teck doesn't want to buy our share of SC at the moment I find it hard to believe there would be another buyer. We might have some more waiting to do, perhaps while the EA is being permitted.

I often wondered why they didn't build mines when the price of copper was low so that they would be up and producing when the price rebounded—I think we're getting an answer to that, there simply is no funding and financing is so expensive when stock prices are crushed.