Q: More of a comment than a Question.
In answering a question on Teck you referred to the substitution of natural gas and coal. Teck actually supplies met coal which is a higher quality coal used for steel making (as opposed to thermal coal which is used in power plants), Teck's future in coal is more tied to overall demand for steel which is driven by global infrastructure building, primarily in china where they have very strong ties. Teck has been snooping around various iron ore assets for years now as iron ore is the other big commodity (beyond met coal) required for steel making. Teck would have significant economies of scale if they could provide both the iron ore and met coal to their existing customer base. That being said Teck is wary of paying too much especially after the issues they had when they acquired their coal assets.
In answering a question on Teck you referred to the substitution of natural gas and coal. Teck actually supplies met coal which is a higher quality coal used for steel making (as opposed to thermal coal which is used in power plants), Teck's future in coal is more tied to overall demand for steel which is driven by global infrastructure building, primarily in china where they have very strong ties. Teck has been snooping around various iron ore assets for years now as iron ore is the other big commodity (beyond met coal) required for steel making. Teck would have significant economies of scale if they could provide both the iron ore and met coal to their existing customer base. That being said Teck is wary of paying too much especially after the issues they had when they acquired their coal assets.