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Gold/Mining/Energy : Copper Fox
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To: louel who wrote (10508)2/8/2018 9:03:02 AM
From: explorationguy  Read Replies (1) of 10654
 
I agree that no other company would touch SC without knowing what Teck intends to do with the property. The fact that Teck has never booked any resource or reserves at SC is another barrier to competition. Teck does not have a ROFR, they have a Right of First Offer(ROFO) although that does mean much in this case. It was touted at the time as a better condition but practically there is only one possible buyer, and that is Teck. The reality is that CUU should sell to Teck for the current market price. Waiting for improving market conditions to give more leverage is foolish as Teck can wait a long time. I think the incentive for Teck to take out the 25% occurs if they are also planning to make a move on Galore and take out Novagold's 50%. The tricky part is cutting both deals at the same time so they don't give away leverage. If I was Teck I'd look for a big copper end user with money and promote them in as part of a package to take 100% of GC and SC.
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