My question would be: If they are looking for Chinese or Indians or .... to make an offer, does that means that TECK is not buying our 25 percent?

Think of it this way. CUU get's approached by a Mr.X (Mr X is a big player with alot of money)

Mr.X says I want a reputable updated RE 2011, I want you to secure the land, I want you to secure the port, I want you to secure the power.

CUU does just that and get's a prospectus ready. Mr.X is satisfied and forms a JV with CUU.

New company, new share structure

We get cash and some shares of this new company. Feasibility comes out.

Teck then elects to back in at 40% and this new company keeps 60%.

Teck is happy because they get to be the operator. And 40% = 50% see contract

(Teck earns 40% he is still the operator and deemed to have 50% interest for management committee purposes and decision making)

.....

If this does not happen Teck just takes us out and finds his own partner