Simple. 12% was the minimum standard. This does not mean they could not reject a report that was positive even under the 12%.

It's like them saying we want this to start 12% but if you can somehow find a hell of a lot more (tonnage) we'll consider it under 8%.

It's my understanding that they have a non performance clause for either event and I would expect that. It's an anti mothball clause.

So I put it too you this way: How do we terminate this agreement if Teck does not accept the bankable as you put it? (I've never seen a contract of this type that had no escape clause)

Second, what defines bankable?