That's why TCK will buy CUU out. But let's say they could develop a producing mine in 4 years. Once TCK has backed in, the auction for CUUs 25% begins, whether Teck likes it or not. And I don't think Teck wants Freeport, Barrick, or ??? sucking up 25% of the proceeds for the next 30 years after Teck had to line up financing for the mine development. The JV agreement was really designed to force a buyout, IMO.

Let me add to this...

We know Teck can't produce a mine in 4 years, we know it, Teck knows it and the other big players know it. (even harder when someone else has the controling voting shares)

We also know CUU doesn't have to acccept the initial Teck offer.

So what happens if Teck doesn't build the mine in time...well they lose everything.

In this case, CUU's 25% looks even better to someone like (Freeport, Xstrata, Newmont, etc..) who know that Teck can't succeed. They know very well that if they get the 25% they'll end up with 100% and Teck will have financed it...(they also get the 400% expenditures).

This is why (for now) the 4 year clause is being kept secret...But if management does not get what they want...the clause is also the Ace in CUU's poker game that will cause Teck to fold or the winner takes all.