Copper Fox Metals Inc.

Frieda River project just sold from Glencore Xstrata to PanAust for "up to" $125 M for 80%. This project was thought to be worth around $2B back when things were flying. (The government has the right to buy shares up to 30% of the project from both partners.)

However, what they sold was a much reduced project.

The mine development project that is contemplated has a capex of $1.5B to $1.8B, producing more than 100,000 tonnes of copper and 160,000 ounces of gold in concentrate annually. It will have an 18-year mine life.

The original project, which in good times with that higher metal pricing that RT just mentioned, had a capex of $5B and would have produced 240,000 tonnes a year of copper and 360,000 ounces a year of gold.

Glencore is under some pressure to sell assets because of the Chinese reqirement that they do so upon the merger with Xstrata. That actually makes me wonder if they would now consider selling their 10% in our little project.