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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: QB2 is nice...
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For QB2, it made sense to bring in a partner.  Capex is very high (5B US) and that project is mostly copper.  Sharing the cost is logical and definitely reduces their financial risk.  There wasn't much alternate options.

However, for Schaft Creek, why would they bring in a partner when they can stream gold?  Why would they leave 25-30% of all the revenues (for decades) when they have the option of streaming gold for maybe 3 to 5 years and keep 100% of it?

Our capex will probably end up being 40%-50% of QB2 while generating similar cash flow.  There's a lot less financial risk with Schaft Creek and don't see why Teck would need a financial partner this time.

MoneyK

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