The explanation I received from Mike so many months ago:

However upon receipt of a positive feasibility study on the Schaft Creek project they are triggered into a timeline of 120 days to make their election. A positive feasibility study under the option agreement is defined as a 43-101 compliant engineering report on the economics of the project reporting a $1.00 profit based on a net present value of 8%, so not really a huge hurdle.

In a fairly recent conversation with Elmer I touched upon the saleability of the project since it was so big and so expensive. I was wondering if it would be difficult to find a company wanting to invest $billions at this time. He said in some ways it is easier to sell projects that are so large because the major mining companies want projects that will last decades.

Teck has a close connection to China and that's where the money is these days. I found it very interesting too that Don Lindsay was going to India on Monday. Elmer has told us on a number of occasions that he's had interest from India. Teck is trying to establish a market over there, and has been training their people in all things Indian.