One of the arguments that always bugs me is that Teck won't pay--for example $5 per share, or $2billion-- to buy us out because that means the whole project is worth 4 X that or $8 billion and that is too high a valuation.

If, however, Teck were to offer us $5 next week for our shares they would pay $2 billion and own the property 100%. That's the total amount that it would cost Teck to purchase the whole property, no more. It doesn't mean you automatically multiply that by 4 to get some sort of mystical total value. The total value is exactly what Teck will be willing to pay at that point.