About the "4 year clause":

I was a Novagold shareholder when they invoked the clause giving them 50% of Donlin Creek. Everyone said the same stuff, won't hold up against ABX and so on. ABX ended up going for a hostile takeover against NG to keep from dealing with it, and in the end NG won.

I think Elmer is trying to keep these negotiations on a "friendly" basis with Teck. I'm pretty certain Teck doesn't want CUU selling their portion to a major.

Handing ABX's (or another major's) lawyers the 4 year clause is not something Teck wants, no matter how many "holes" are in it. It's leverage, no matter how small the chance the clause can be enforced.