Firstly, Western Copper Holdings in not a wholly owned subsidiary of Teck, nor is it a subsidiary at all. Teck has a 36% interest in Western Copper and as such it is an affiliated company.
Western Copper is independently and capably managed by Robert Quartermain, its president, who was responsible for orchestrating the joint venture with Thermal. Teck had nothing to do with it. Incidentally, the copper oxide property was optioned by Western Copper and Thermal from Archer Cathro and Associates which may elect to retain either a 15% net profits interest or a 3% net smelter returns royalty interest in the property should it proceed to production. John May Vice-president, Exploration Teck Corporation
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