(The control we have over the contract and decisions as operator until Teck earns at least 40%. CUU could sell this agreement to a Teck competitor...I don't think that's something Teck would be happy with....)

I don't think this is entirely accurate. I think if they declare their intention to earn-back 75% then they have to spend 4X earnings before they earn the 75% and only then do they enter a JV. At that point they have to maintain at least a 40% ownership in order to be in control. Up until the point that they earn-back their chosen amount, the terms of the contract reverse from what they are currently and Teck reports to CUU in the same way that CUU currently reports to Teck. So Teck would have to get CUU to sign off on their selection of contractor, etc.