As I understand the back-in terms, co-incident with an election by Teck to exercise their claim on any percentage of the Schaft Creek/Copper Fox agreement, they must form a JV with Copper Fox to develop the mine in the applicable partnership proportions

Per agreement, Copper Fox will be in charge of the JV

This will not happen

Teck must decide how much they need this property and make the appropriate offers

They will not enter into a JV with anyone, granting control to another entity and assuming responsibility for multi billions in required expenditures

This is the ace in the hole for Elmer and EE