Doesn't anyone wonder why billionaire Ernesto who bought millions of CUU shares in the market between $0.90 and $1.45 and that before any FS or JV, won't (or is it "can't") since the JV buy any CUU shares (or grant options) at nearly a tenth of those prices?
How's this:
CUU: Well Teck, we have delivered the BFS, let's talk price. We think Schaft Creek is huge and worth X.
Teck: Thanks but NO WAY we could pay that price. We like Schaft but couldn't justify this to our shareholders to say the least. Look what we got into at Galore. Tell you what, we would like to run our own numbers based on your BFS and run some post BFS optimization studies that we would have to do to then consider negotiating a price like that. What do you think?
CUU: Well those optimization studies sound really nice but we need some cash now to stay afloat and we'd got some other properties we'd like to acquire while the market is down. Let's build some cash-associated milestones in there, along with the optimzation studies.
Teck: OK, but in the meantime all CUU and Teck directors are in blackout until we complete the optimization work and redo our own BFS with updated Capex, opex, mine plan, metal recoveries, metal prices, exchange rate, etc.
My hope is the optimization studies get completed this year since the budget allotted is the highest to date. The most recent NR was worded to this effect although didn't say so in so many words. This would be 1 question I'd like answered at the AGM: Are we going to be "optimzed" into oblivion or is this phase really wrapping up?
K
