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  "documentTitle": "Teck Resources (TECK)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2021-05-12 00:00:00",
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  "notes": "The slide outlines a strategy to monetize these assets via sale or partnership to avoid capital expenditure.",
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      "text": "Management estimated the value of these projects to be $3 billion in 2017 when copper was at $2.70 per pound.",
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      "text": "Beyond QB2, Teck has 5 other copper projects it refers to as “Project Satellite”. The company’s strategy is to either sell these projects, or in some cases to partner with someone else who wants to put in the capital to develop them, with Teck contributing the resource and maintaining a percentage interest without putting in capital.",
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      "text": "Management estimated the value of these projects to be $3 billion in 2017 when copper was at $2.70 per pound. We will use that in our NAV as a conservative value.",
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      "text": "Source: TECK 2020 annual report, available at https://www.teck.com/media/2020-Annual-Report.pdf; TECK March 30, 2017 Overview and Strategy presentation; TECK financial reports and conference calls, available at https://www.teck.com/investors/financial-reports/.",
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      "text": "Project, Location, Ownership, Stage, Tonnes (000s), Reserve; Zafranal, Peru, 80%, Feasibility, 440,700, Proven/Provable; San Nicolás, Mexico, 100%, Pre-feasibility, 105,200, Proven/Provable; Galore Creek, Canada, 50%, Pre-feasibility, 1,103,500, Measured/Indicated; Schaft Creek, Canada, 75%, Early stage, 1,293,200, Measured/Indicated; Mesaba, USA, 100%, Early stage, 1,578,200, Measured/Indicated",
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