A few problems with the rofo. Firstly we need to know another major would pay $1 more for our 25%. Given the lack of accountability from Teck do you think they will let another major see all the results if they won't let CF publish it? Secondly if they did get another buyer ES said they would need to get a bank or other third party involved to assist in the sale and he said that would cost many millions of dollars; presumably paid in advance of receiving proceeds from a sale. 

Thirdly Teck wants to choose the partner and would do what they could to stall further results etc. 

ES does not have a pair or he would let Teck know that they are treading on thin ice and face legal action if they are indeed blocking CF from pursuing a third party sale by refusing to release pertinent data, or stonewalling on studies as they have in the past. 

while imo all the above are relevant the bigger worry is that EE has unrealistic expectations for his 25%, which Teck knows and uses to their advantage.