"...and then our environmental study in Q4 2012."

You've just touched on a critical piece of this that many are, IMO, far too quick to dismiss as being a sure thing.

Teck would not be wise to jump into an agreement without ensuring an authorized, viable EA is first in-hand. If the EA is not scheduled for completion until 4th quarter and Teck wishes to proceed on a deal with CUU prior to its receipt, it would be wise for it to have a solid contingency clause that gives it an out if the EA ultimately prevents mining from proceeding.

There has been no update on this process lately and I, for one, would like to know where this currently stands.

These little beasties are ornery sons-of-guns and I've seen more than one "sure thing" EA fall through despite an assumed and apparent non-impact outcome.

I'm reasonably confident that the project will proceed with mitigating measures put in place, but it would be comforting to have an update from CUU on the matter nevertheless.