Re: News! Very interesting
in response to
by
posted on
May 13, 2018 03:25PM
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%)
Guess you did not take time to read the excerpt from the JV agreement (which is shown on Copper Fox website) -
Teck will:
1. pay a total of $60 million in three direct cash payments to Copper Fox - $20 million was paid on signing the Joint Venture Agreement;
2. fund 100% of costs incurred prior to a production decision up to $60 million;
3. fund any additional costs (in excess of $220 million) incurred prior to a production decision, if required, by way of loan (at an interest rate of prime +2%) to Copper Fox to the extent of its pro rata share, without dilution to Copper Fox's 25% joint venture interest".
Therefore, Teck will provide all financing needed to fully develop production!