If Teck takes door number 2 and opts for backing in to 40% of CUU's indirect and direct interest in Schaft Creek, it works out to 38.something% in total only and not a 40% interest in Schaft. Which means they can't vote as if they have 50% as per the agreement. What is your understanding, or did it come up? Do you think this is right?

I can answer that.

The JV is not established until after Teck completes earning whatever percentage they choose as their option. So whether it is 20%, 40% or 75% they have to complete the terms of that earn-back option and then a JV is formed with Copper Fox. Until that time Copper Fox is the operator, even if Teck has worked its way up to 74%.

At that point they establish a JV. Then, within that JV partnership, if Teck has at least 40% of the shares it becomes the operator as if it had at least 50% and remains operator while it keeps at least a 40% ownership.