Look at recent M&A transactions in the mining industry in the last year. They are significantly lower than the 52 week highs and even lower than the 2010/11 highs that many companies were trading at. CUU was trading in the high 2's while other mining stocks were also soaring. Teck was at 60 bucks! The climate has changed dramatically and considering "fair value" is what two knowledgable, willing parties are willing to pay/sell for something, we most likely will not receive the value that many people think we are worth. It will be up to Ernesto to determine what he is willing to accept but the risk associated with Schaft Creek still exists and that will impact the price Teck is willing to pay.

You bring up a good point of it being a different climate than 1-2 years ago. The reason a lot of M&A activity is going for "cheaper than it should" or at least compared to high's of just a year or two past is because many shareholders, like yourself, are willing to part and sell their shares for that much. We however, don't have that scenario - and because we can't be "bullied into selling for less" ... we won't be. If they don't buy us out, we're dead weight in an already difficult to finance environment. It's better to just buy the full thing and "overpay for 25%" to make sure you get 100% that's actually worthwhile and financable with mitigated risk from real partners. We'll get more than the suppressed amounts of our M&A peers because of the cheaper price for the rest of the 75% and because of what happens if they don't (4 year clause, full financing for us in an already difficult to finance environment).