If we're going to be offered Teck shares in full or in part, this bodes well for Teck
I did wonder if Teck were using their funds to drive their own stock up rather than buy shares in CUU. It would have the effect of increasing their buying power.
I noted some comments from Tecks Q3-2012:
"This rescheduling will result in deferrals of capital expenditures of approximately $1.5 billion, of which $300 million relates to 2012, and $1.2 billion which relates to 2013. Our annual budgeting cycle occurs in the fourth quarter of each year and our capital and operating budgets for 2013 have not yet been finalized.
Income and resource taxes for the quarter were $186 million, or 49% of pre-tax profit, which is higher than the Canadian statutory income tax rate of 25%. This was mainly due to the effect of debt redemption costs, the new Chilean first category tax rate increase, resource taxes and higher tax rates in foreign jurisdictions. We are currently shielded from cash income taxes, but not resource taxes in Canada. We remain subject to cash taxes in foreign jurisdictions."
They seem to have listed $6 million under Purchase and cancellation of Class B subordinate Shares. So maybe they're not causing this price rise after all.
There doesn't seem to be any indication that they're going to be working a lot at GC this coming year. I'm still stuck on that Logistics Manager they're hiring.
