Why would Teck pass up a 75% back in deal for 260M?

There are several reasons as mentioned here on these boards previously. The number one reason I can see is that they will NOT be the operator until they earn the back in by spending the money and carrying CUU interests to production! Read that again if you don't understand. They do not get the full 75% until they spend the money! That means CUU will be calling the shots. CUU could sell their interest to another party that may not be to Teck's liking. They will also be obligated under a very short time frame to get it going asap ( under 4 years ).

For these reasons and others, I and many others believe Teck will not elect to back in for the full 75%. IMHO, their best option is to completely buy us out at a premium above our minimum possible interests of 25% of the EV of the project. Someone here also mentioned that in talking with Micheal Smith that this scenario is what many of his finance people also think will happen. A complete buyout will give Teck breathing room to develope and explore this property even more to get a better plan for future developement. This also allows them time to shop around for the best partner to sell/JV this massive project with. And above all this will leave them with 100% control from day 1. My 2 cents.