Tangs, there are other ways of looking at Azure's future. If...

Tangs, there are other ways of looking at Azure's future.

If Alacran is uneconomic then Teck may require that if Azure is interested, then they buy Teck's interest in the project. This could be one, two or more years away at the earliest, and this would take money. Azure would need a cash flow to enable such a purchase.

If on the other hand Alacran is a significant economic and viable project then Teck probably would not want to share it with Azure. Teck may then opt to either buy the project or make an offer to buy the whole company of Azure.

Azure needs to have a strategy for the future that takes account of these possibilities, as I am sure they do. These are the challenges faced by small companies when dealing with mega companies. Nothing is simple.