...is there any reason for TCK not to take the full 120 days?

The agreement states that they need to arrange a JV with Salazar, and now Copper Fox, within 60 days after the feasibility is dropped unless they manage it beforehand. I doubt they will at this point. So they only have 60 days, according to the Agreement.

Even then they will need to agree on a significant number of details during the buyout negotiations. This will take a lot of time. I noticed the original Agreement was dated January 1, 2002 but it was not signed until November, 2002. Legal agreements take time.

I believe that Teck has the ability to keep others at bay up until they state what percentage they are going to opt in for, after that every other potential buyer knows exactly what percentage of the project they are buying and what Teck is obliged to pay. It makes sense for Teck to make an offer for the whole project before they tell the world what percentage they will take per the Agreement.

Elmer can just refuse a low offer and tell Teck they are willing to wait the 60 days or so until Teck is forced to declare and then Teck will lose this advantage. So, it would be better for Teck to work hard at reaching an agreement quite quickly.

Given that Teck has a lot of the information right now they can run a very good estimate and have presumably begun plans for what action they are going to take. They should be ready with a decision to move very swiftly right after the feasibility is released. I personally think they need the feasibility numbers to show their investors which is why the deal will more likely happen afterwards.