I think Teck isn't particularly concerned about CUU in regards to the 4 year clause. But what if CUU sells to FCX? Xtrata? Or, Barrick?

That clause would be a tasty morsel for ABX's lawyers to litigate. ABX knows how tough a clause like that is to wiggle out of. They tried with NG at Donlin Creek. NG ended up with 50% of Donlin Creek because of one of those "unenforcable" clauses...

I think Elmer has been soft selling the clause because he's not looking to show up Teck's management. He's going to give them first shot, and they're going to take it, IMO. But this clause wasn't written for nothing, and Teck is smart enough to not want it falling into the wrong hands. (Another major with a solid legal dept that could take it all by holding Tecks feet to the fire. Or at least tieing Schaft up in court for years.)