Without the old contract in place, Teck has no timeline to be held to. Im not saying that will dump us. What im saying is the old contract had a timeline. Now we have NO timeline just the clause where Teck MUST spend (XX) amount of dollars a year on the Schaft Creek project yearly. Thus far the money Teck spent this year I think is peanuts. Teck is cutting back spending ----yet giving money to charities and buying shares into other company`s.
Teck has been involved with the Schaft Creek project for decades. They were the ones who originally drilled it and then sat back and offered it to other company`s to drill, Like Salizar. Elmer himself said, Now that Teck has it......it shouldn't take long????
I guess when I see that I will believe that.
Dogger, at first you said Teck spent a "bunch" of money on thing such as AQM and not on Schaft Creek. I replied saying how is it AQM a bunch of money? It's just $1.5 million when they earned $80 million in their last quarter. You then said that`s ok if I don`t think $ 1.5 million is a lot. I replied showing you that Teck is spending $2.5 million in the JV this year and you think is peanuts? That`s ok too. If you look back in the FS and see what the recommendations are in improving the values, Teck is going by it actually. Drill the waste (slope of the pit), and now optimization studies. With Canadian $ going lower, it helps the project economics as well.
I do agree that I like the old timeline in the old agreement. It was very advantageous to us as shareholders as it puts a timer on Teck to act.
What I learned is that if you were to do something like that and say there are other projects out there, would Don Lindsay like to be forced into paying for a mining asset?
As I said before, if we all see the potential in SC and that it will become a mine, whether it`s 4 years or not, the pay day will come. And if it`s that economical, Teck will want it to be in production soon.
I actually look at our situation this way. I`ll imagine that the 4 year clause is still there, so far only 1 year has passed. We have 3 more years left.
