It seemed Teck waited until the last minute with CCY and is essentially walking away from their project, no?
First Teck didn't walk on that and the business relationship is alot different..
“At that point, Teck Cominco will elect to earn a 20%, 40% or 75% interest, or walk away with a some shares and a 1% royalty,” explains Stewart. “That decision should come quickly. We’ve kept a transparent flow of information with Teck, the provincial and federal agencies and the Tahltan First Nations so everyone can decide quickly because they all helped us get it there.”
The company has a relationship with Teck, Canada's largest diversified mining company, can you explain the significance of this relationship to our readers?
Teck has an earn-back right pursuant to the Option agreement entered into in 2002. We have been working with the senior technical people from Teck since early 2010 when we announced that we were proceeding to complete a feasibility study on Schaft Creek. The purpose of engaging Teck early on in the process of completing the feasibility study was to have their input into the feasibility study that is required to allow Teck to make their decision as to their participation in the Schaft Creek project. Teck’s experience in operating open pit mines of the size of that contemplated at Schaft Creek is valuable information that helps makes the feasibility study a realistic and practical study in the contexts of developing the deposit.
And from Keevil, the Teck man with the votes:
''The richness of Schaft Creek's copper grade is ''pretty dramatic'' Dr. Keevil Jr. says. Despite the high cost, the development date probably would be earlier if there were power in the area, he adds. However, hopes for a new BC Hydro plant near the site so far are just that - hopes''
Hold on Mr.Keevil, not only do we have the line, we're in the process of getting 1 of the 3 spots..
