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September 30,
2011 Dear Friend,
We cut 2012-2015 earnings estimates with
lower copper and coal price estimates, and raised earnings estimates
from 2016 onwards modelling 28.5 up from 26.0 mmt of coal sales.
Management communicated the difficulty of sustained output at the
high mountain harsh weather, where rail deliveries also can be
challenging with avalanches and spring floods.
We visited Teck's partners or suppliers SilverBirch Energy, Pilot Gold, Canadian Pacific and Westshore Terminals. We separately visited Platinum Group Metals, West Kirkland Lake Gold, Agrium, Pretivm and Magellan Minerals. Faithfully
Joseph Reagor
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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