GL: I believe you hit the two most important issues involving the potential Teck buy-out:

1. The 4-year clause - like you said, there is no way Teck would invest billions and risk the 4-year clause. They have to buy CUU out 100% if they want SC.

2. CUU's obligation to inform the shareholders on the BFS once it's complete. In order for Teck to avoid the release of the BFS, they need to buy us out before it's substantially complete. Once it is complete, management has the obligation to NR it, even if Teck then makes an offer to buy us out 100%. In order for CUU shareholders to make an informed decision on whether to accept Teck's offer, management has to release the completed BFS. The only way they can withhold it from a NR is if it is not complete and management feels it is not proper to release a partially completed report or the consultant would not allow the report to be released in a partially complete format. I believe the time frame for Teck to make a decision is fast running out. But with the good working relationship between the two, I'm sure Teck would not let this happen; ie they would make a decision before the BFS is complete and not risk getting BFS released by CUU which may trigger competitive bids.

JMO GLTA!