''jaf, I think you nailed it in my view. Teck has a portfolio of excellent properties to develop, including a number of well-advanced copper mines and a number of option agreements. Which prospects they choose to advance remains pure speculation.''

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Yes but teck can't ignore the timer that will begin very soon... if they opt out : we get 100% of the property. If they back in 75%, we remain operator and can sell for a huge premium, if they buy 100% of SC, we make a hefty profit and get a CUU2.0, if they sweep the whole area, we make a even more hefty profit... Its not because you have a nice portfolio that you can spit on great opportunities. and this opportunity, thanks for us, as a time watch of 120 days built-on.

What I'm trying to point out is that they will have to make a decision and opting out would be a gift to their competitors ... given the history of the area (teck presence increasing dramatically in the last months), I don't think things are pointing out at teck walking away. I think the debate should be more around the WHEN the HOW and the HOW MUCH and less about the IF... my two cents