"I think their best strategy is to find another partner to replace them in the JV. That would give Copper Fox the most leverage."

Close. Their best strategy for the most leverage is to find a mnimum 2-3 partners interested in replacing them in the JV.  They will not get full value unless they whip-up a bidding war.   Whether they do it openly or quietly behind the scenes, they MUST get competing (vs potentially collusionary) interests bidding.  IMO, Teck needs to KNOW (directly or indirectly) that we have lined-up legit parties before we drop a ROFO buy-out number on them.