If Teck takes 75% they have to pay around $400 million to earn their share, and that entire value will improve our worth because they will start putting the mine into production. (We only have 25% of that come out of our future profits, so the use of the rest is free to us.)

At the same time they will need to put about $800 million of capex costs (representing about 25% of the total capex) towards carrying our share through to production. That is a total of $1.2 billion that we don't have to pay, but it increases our value exponentially. (In other words, that $800m of the capex is dead money to Teck, but they have to spend it. Even if they get it back out of profits, they don't profit from spending it--if that makes sense.)

Wouldn't Teck be better off buying us out, rather than put $1.2 billion into the project while our (approximate) 25% just enjoys the ride? They would be better buying us out and increasing their own share or finding a partner.

I think this is why for Teck is must be an all or nothing decision and they must establish a value for our share that makes the whole project worthwhile. I'm still hoping the floor is $3 a share, and then they can find a working and paying partner and make the money back.

On a more whimsical note, I received a book of quotes about investing as a gift and it was quite timely. So I leave you all with this:

"If you sell in desperation, you always sell cheap." Peter Lynch

"You do better to make a few large bets and sit back and wait...There are huge mathematical advantages to doing nothing." Charles Munger

"Just about every time you go against panic, you will be right if you can stick it out." Jim Rogers