It's not just Teck, they also need to show their lenders. Teck might be convinced already but if they are hoping that, maybe, CIC, will partner with them and finance the project they need to show them the documents.
If ever they allow a 3rd party to get involved, my no 1 pick is Xtrata.
3 reasons:
1) Xtrata already owns 10.72% of Liard Copper Mines
2) Teck already works with Xtrata on Antamina:
We have a 22.5 % interest in the mine. Our partners are BHP Billiton (33.75%), Xstrata plc (33.75%) and Mitsubishi Corporation (10%).
3) Just read this, **mostly last paragraph:
Freeport-McMoRan Copper & Gold Inc. (FCX), the world’s largest publicly traded copper producer, and rival Xstrata Plc (XTA) are positioning for potential takeovers as Chinese metals demand increases and financing conditions improve.
Charlie Sartain, head of Xstrata’s copper unit, said April 4 the company is “determined to be prepared” for deals that could add value.
“If the opportunity came to us to do a large transaction we could execute on it,” Adkerson said, . “If an opportunity came to us, and my sense it would be a larger rather than a smaller deal, we’re positioned to take advantage of that.”
Xstrata Chief Executive Officer Mick Davis has announced five acquisitions of stakes in other companies and projects in the past year, including a $516 million purchase of Sphere Minerals Ltd., according to data compiled by Bloomberg.
The company’s $18 billion acquisition of Canadian miner Falconbridge Ltd. in 2006 gave Xstrata a stake in Chilean copper mine Collahuasi, the world’s third-largest.
The company is investing $7 billion in expansions and new mines that it plans to start up by the end of 2014 to become the world’s largest producer of copper concentrate, Sartain said.
While “it’s quite difficult to see value-accretive acquisitions on current valuations,” Xstrata sees opportunities emerging in smaller companies that are developing projects, Sartain said.
“There will definitely be some opportunities there to acquire either the projects, which are entering this critical changeover point where the junior companies don’t really want to continue with the development, or companies that are at a certain size,” he said.
