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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: Re: Teck's presenation SC
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Nov 06, 2023 07:00PM
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Nov 06, 2023 09:42PM
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Nov 06, 2023 11:50PM
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Nov 07, 2023 06:18AM
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Nov 07, 2023 06:41PM
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Nov 08, 2023 10:51AM
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Nov 08, 2023 11:14AM

I decided to read the whole presentation.  I came away with the following messages:

New copper projects are their top priority.

Slide One Themes:
- Because of lessons learned from QB (Chile), Teck looking at smaller new project scopes.
- Increase execution capacity and execute multiple new projects simultaneously
- Reviewing Sequence of Sanction Optionalities
- Expect a near-term investment in long-dated option for next growth phase

Other observations:

Their 3 "near-term" projects have sanction decision windows all landing between Q2 2024 and H1 2025. 
1) San Nickolas in Mexico is very small.
2) Zafranal in Peru is half of SC, and is in Peru.
3) QB expansion (??!??) with its denied permit?.  Oppressive taxes and local discontent, it is simply riddiculous to still list anything in Chile as near-term. I guess they are holding a brave face against the snowballing disaster.

So, the only two truly 'near term' options don't look that exciting to me.

Good thing Teck is insisting that they may exercise some sequence optionality. 

So they have no choice internally but to sanction one of six projects from what they now call the longer-term growth category.  The frist three are later categorized as medium term

1)  NorthMet Cu-ZN (50%) with major permiting and litigation hurdles.  Very small. No sanction timeline.

2) Galore Creek (50%) in a safe jurisdiction.  No sanction timeline and perpetually delayed PFS. Logistically complicated, high capex, much engineering and derisking to do before sanctioning, imo  and isn't Teck admitting that they don't want high complication and high cost?

3) "Future QB" (60%) in Chile -- okay, what a joke, enough said

4) NuevaUnion (50%), again in Chile!  enough said

5) NewRange Mesaba (50%) small CU-Ni, no PFS yet.

6) Schaft Creek (75%), Positive Feasibility Study complete, optimized by a ""partner of choice"" for ten years, easy access and build, in your own very friendly backyard, with a great scope, with great expansion potential, low capex, super low C1, etc etc okay I could go on for an hour here

LIKE HELLO !!!!



  

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Nov 08, 2023 11:50AM
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Nov 08, 2023 12:24PM
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Nov 08, 2023 01:39PM
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