Yes it is 65% max Teck ownership under the agreement.
That doesn't preclude the possibility that they will buy us out if it's a big find. I don't know how Teck behaves with JVs but a lot of big miners would rather keep things simple and own outright.
As I remind people in here from time to time, Tony Rovira was in charge of exploration for Jubilee Mines when they made a colossal find of nickel, right at the peak of the last nickel boom in 2007. Xstrata bought it out and shareholders got $23 per share. The problem with that mine for Xstrata became costs in Australia (vs a drop in the nickel price). Not the same issues in Mexico.
However money is tighter these days so a buyout of just a big resource might not be on the cards. I'd be happy with a 35% stake.
The long pause before Tecks drilling may be a good sign, I agree in that they've no doubt done surveys and mapping and realising they need to revise assumptions...lol.
35% of a big find is good in anyone's language. The critical time is now IMO.
Tony has said in the past that he thinks he has "another big find" in him. I'm thinking he and the team aren't a bunch of one-trick ponies.
I've always backed Tony and the team's expertise because I figured the combination of a crack team in a highly prospective area, using the latest methods and with a low cost base has to be a decent punt. Just a question of time.
They have more irons in the fire now they got to evaluate over 70 prospects (after Teck elected to stay on), presumably because of their reputation in North America.
All these realities don't seem to have moved people over here much. Tall poppies, insularity or just no idea? Take your pick.
Stars and caps in the latest preso for the first time ever, to emphasise obvious points. The message will penetrate more Australian craniums at some point. Maybe after TSX listing skulls will soften. But we will have an exciting news flow before then...!
Meanwhile Oposura is particularly exciting and it's surely no accident that it gets first billing in the latest preso.
