vette said in part:
''…oh and by the way we [Teck] already have our partner that was waiting to see the results (Sumitomo / Glencore / Mitsubishi) and they will split the capex with us."
Speculation but it does make sense. I can't imagine Teck letting CUU sell to anyone not acceptable to Teck which is contrary to something, vette, you suggested earlier ("Remember those that have approached CUU , Koreans, Indians, Chinese.... They'll probably want a nice update now that the Teck situation is cleared up. That was the only thing holding this back."). Not trying to trip you up; I may have misinterpreted what you were saying. It's good that CUU has 'Right of First Offer' which means that CUU has the freedom to sell to anyone making an offer in the event that Teck opts out of buying the remaining 25 per cent for that amount, but how likely is that?
Given the way the story has unfolded so far, it seems more likely that Teck will take CUU's remaining 25 per cent but only after it has demonstrated increased value to its shareholders. And then Teck will partner up. Actually, I'm fine with that except that CUU could have done the work of demonstrating value last year and we wouldn't be looking at a further delay. Isn't that right? Still not sure why the drills were pulled last year - the risk of dilution didn't stand up then and doesn't stand up now - but we have to live with it. I'm not knowledgeable in terms of what needed to be drilled or what should have been drilled, so, anyone, feel free to correct me.
