I think the economic environment cannot be completly disregarded when it comes to estimating the buyout price. But I don't see TECK walking away from this project because the ''near term'' outlook is shady.

The economic situation has'nt stopped a lot of M and A in various sectors to happen in the last years... (Nexxen,Tatex,TNT in Europe etc). Companies with strong cash flow are better positionned than anyone else to develop for the long term in these situations. CUU proved this on a smaller scale by buying the recent US properties for peanuts.

Don't get me wrong, CUU is not going to be sold cheap, we don't have any cash issues and could afford to wait if TECK would ever be stupid enough to walk away. And when the economy will recover, Teck would knock their heads against the wall thinking how stupid they were not to take this opportunity to buy us out at maybe 90% of our full value (very rough and unrealistic way to say we might get a bit less than if economy would go full speed) when they had the chance.

To wrap it up, I think the value added in the last year however surpasses the weight of the economic turmoil on a potential buyout price. Dont forget Teck has some cash flow and is kinda backed by CIC. jmho glta .