Technically it's an earn-back. They don't own anything immediately they just declare their intention to earn-back, say, 75%. Then they have to start spending money, and Copper Fox remains the operator. The terms of the agreement reverse at that point whereby Teck has to report to Copper Fox with all their plans and consultants, etc.

I thought they might declare their intention to earn-back 75% and then offer a share price for the remainder at the same time. This is because as they spend money to earn-back their share the stock price will start to rise swiftly and it would cost even more to buy that remaining 25%. If they took out the 25% they would become the operator as well and report to no-one.

I think environmentals are a year away, not until 2013.