I think we need to really assess the no cost production clause! The "carried to production clause" has huge implied value!

Assuming all studies (reduced construction timeline....new capex drops to 2 billion as example....that's still money Teck has to fund to the JV to pay for the mine to get started! 

It's literally cheaper to buyout Copper Fox! Teck doesn't want another major benefiting from this JV clause....remember the contract agreement can be TRANSFERRED.

This is where more value is found plus district/deposit potential, milestone payments, further exploration costs at Teck's expense!

Teck will not fund the project 100% when they rather split costs to build with a partner of financial means like Newmont or Newcrest.