Re: Letter to Teck -- Stop the hostile and costly SCJV partner starvation insanity
posted on
May 19, 2023 11:10AM
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%)
Leo, they haven't been open at all. They list SC last and refuse to even mention it in their presentations over a period of 10 years! They even dodge the questions asking for color or contrast on the project. That's not being open.
They created Project Satelite (the name itstelf is a marginalization of the value of the projects). The goal of Project Satelite was to "surface value". Did they surface value at Scahft Creek? The answer is an unequivacal 'NO'. Over a period of ten years they spent the absolute legal minimum required and didn't produce a single 43-101 report on the project, refusing to stamp an NVP on it.
It is clear that they are obfuscating the value of the project and delaying its advancement. That is clearly a SCJV operator not operating in good faith.
Is it "just business" to sanction less profitable and much riskier projects ahead our project?
It is however a beautiful example of Carma with the extend of the billions in losses Teck has incurred shunning Schaft Creek in favor of sanctioning sketchy projects.
The madness has to stop. I'm not going to let this go. I will be contacting every investigative jounalist in the country about Teck's financially-reckless and partner-hostile MO.