They bought up quite a lot last week but don't seem to want to hold for the few days before news and the shows. Often they get it right but this time I think they are off the mark. 085 just keeps buying and will continue to do so for the next 3 weeks at this rate.
Yes, Teck is going to buy iron but not 17 billion worth. This is going to set up some very interesting times for us. Their clock is going to start while their balance sheet is empty. The company knows this is coming. They are preparing for it. The iron compnent is more important that adding copper. That pretty much gives us a free hand at FS time. I don't think we will sit and wait. The last round of result could change Teck's plans but I kinda doubt it. They've talked about iron for a long time but did nothing. Is this finally it?
So what's going to happen when they buy iron? Will they sell their stake in SC? Wil they take the lesser roll and let us run the show so they can defacto operate? This looks very likely. This is why we've spent so much time on the money end of things. It's not premature to call Elmer and ask what they will try for us. (Vette, you call. I have a call coming from another co this morn)
