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Gold/Mining/Energy : Copper Fox

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To: brundall who wrote (9446)	4/8/2015 3:31:39 PM
From: louel	Read Replies (1) of 10654

"up to $15 million in Teck paid costs" Copper fox gets only 25% value of Tecks out paid costs. The other 75% stays with Teck if your talking monies spent on yearly work programs or things after the JV agreement. Above and beyond the $24M cash. It is a 75/25 partnership remember. Teck is required to fund the first $60M before Copper Fox becomes liable for 25% of any future spending which would be financed by Teck. No where have I read the total 100% value of that spending is awarded solely to Copper Fox. It would be my interpretation, Teck, is required to contribute & spend the first $60M to complete their earn back. The value enhancement of such spending is owned by the J/V. Which then belongs to the partners. With respect to the percentage each holds in the partnership. If I misunderstand this please direct me to where it clarifies or states otherwise. And CUU is to be awarded 100% of the value generated from the initial $60M.

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