First of all, given the market conditions - I don't think there would be a bidding war - there's too many fire sales going on and M&A activity is going lower, not higher.

If it's a buyout it's a buyout. But if it's a 75% back-in like I think.

How many companies have to offer: 25% of the ''Teck capex'' (minimal investment), Financing to production, close to $400 million that must be invested by Teck, Teck as an operator, safe jurisdiction, no enviro isuues, power supply and port, massive upside exploration and economic potential.

That's what I think the bidding war will be for.

And you're right about the current M&A activity. That's why the market will take notice if Teck backs in 75%, going against the current.