Your right I my memory of what I had read when the J/V was released failed me. However there is going to be a great amount of interest build up on Copper Fox the longer it stretches out.
This is also interesting. Perhaps Elmer doesn't bother with the meetings and that is why it seems he is either late with the news. Perhaps he is simply in he dark of what is going on till Teck tells him.
" a quorum for any Management Committee meeting shall consist of at least one representative of Teck only unless Copper Fox has given Notice specifying that it wishes to attend the meeting in question, in which case the first sentence and remainder of this §8.6 (other than this last sentence) will apply to that meeting only. "
Here is another point of interest.
" the Operator shall provide those head office services and for that shall be entitled to a charge (in this section the “Operator’s fee”), in addition to the direct Costs, but calculated as a percentage of those Costs, calculated without reference to the charge itself, as follows: (a) of 10% of all costs, expenses, charges and outlays under §9.11, reduced to 5% on amounts in excess of $50,000 on any single third party contract, incurred prior to a Production Decision; (b) of 2% on all costs, expenses, charges and outlays under §9.11 incurred after a Production Decision is made for the Property and before commencement of commercial production on the Property; and (c) of 3% on all costs, expenses, charges and outlays under §9.11 incurred after commencement of commercial production on the Property. "
Read the blue wording as a sentence. 23.3
" Copper Fox will be free to dispose of that Interest to a third party "at any time within six months of the expiry of the time for Teck to make an election " but only for a cash consideration" equal to or greater than the cash consideration stated in Copper Fox's offer to sell to Teck, and upon no more favourable terms and conditions as the offer to sell to Teck, provided, however, that the sale of the Interest to the third party shall be subject to the third party entering into an agreement with Teck whereby it agrees to be bound by the provisions of this Agreement (including, but not limited to, the restrictions on alienation that Copper Fox is subject to).
Not an easy sell when all the power is in Teck's hands and there is no real time line. No one would ever buy it without Teck's absolute approval. Why on earth would any company lay out " cash", tie themselves to a low grade, Minimal IRR, no road access deposit with a blind time line, and being handcuffed & hobbled in pushing it forward ? |
