Not quite true. They take the 40% spend fast and get control as operator. In addition, they bring a buyer or two for our remaining portion. This could be done in year 2. I think the main isuue with this is they would want a partner right away so it is better to take it all.

The main issue with that is when Teck makes a public declaration of their intention to earn back 40% then we have ownership of 60% and can start the sales process on our terms while we are still the operator and Teck is busy trying to earn their share. I guess Teck could roll the dice and work with whomever buys us out...but they would actually make money taking it all and selling off 80% on their own right away without having to earn back any. If they time it right they could own that 20% with no cost to themselves and be operator.