From Michael Smith on February 22, 2011:

"However upon receipt of a positive feasibility
study on the Schaft Creek project they are triggered into a timeline of
120 days to make their election. A positive feasibility study under the
option agreement is defined as a 43-101 compliant engineering report on
the economics of the project reporting a $1.00 profit based on a net
present value of 8%, so not really a huge hurdle."

I think you're mixed up in your cost of production vs. positive feasibility. As Michael said, it is not a huge hurdle to make it positive. We have also heard that the expectation is it will still be a negative cost of production but not as good as before. We all know that the Feasibility will be out of date even as it is released and that the project will be much better than it will show. We know this, Teck knows this and most other majors will know this.