Copper Fox Metals Inc.

You can't just look at the EBITDA numbers and pretend Teck has a huge amount of surplus money. The cash flow numbers are much more accurate and show that Teck has been spending more than they earn for quite some time. Teck has stated that Fort Hills will be partially funded by their line of credit which shows that Teck could be in a spot where they won't have a lot of spending money. They will want to maintain their investment grade and this will limit how much they can borrow. That being said, Teck certainly has options like asset sales and partners to cover capex costs on their projects.