Felix P. Chee, Head of CIC remains on Teck's Board. You don't necessarily want to bite the hand that feeds you...so to speak. To put it another way. If you owned 75% of a public entity with your brother and he wanted the other 25% would you dress it up before he secured it?

Now that makes sense. It also covers the issue of the JV contract being undesirable. They could re-write it after all post-purchase, especially if CIC were doing the financing in the first place.