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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Teck withdraws it's EA application for Schaft Creek

The challenge with a bigger operation is to find a way to improve the economics. So far we've only received hints about the purpose of the optimization studies. Teck just released a technical report on the Greenhills coal property. Coal has far less potential for a price turn around than copper, yet they carry out a RE on it and not SC. The PFS for the Zafranal property in Peru, joint venture with a junior AQM, will be released this year. The PEA on that 5 billion lb cu deposit had two scenarios at 44,000 and 80,000 t/day. The smaller one had better economics due in part to the lower strip ratio, which suggests a similar outcome for a smaller operation at SC. That project also had better economics post tax for both scenarios than SC pre-tax at 130,000 t/day. There's a lot riding on the content of the next press release from CUU in regards to the JV plans. If Teck has no significant plans for SC in the near term(1-3 years) then there will be no way to hide it. Any more talk about ongoing optimization work is clearly smokescreen for "we're on the shelf". Teck does all of their RE reports internally as they have the expertise and can control the timeline for delivery. Teck has spent two years working SC, we need some clarity on the plan.

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