My guess is 20-40%. This gives them a position in a district they care about without forcing them to commit to a construction decision right away. It would give SC enough capital to explore reoptimization scenarios similar to what they are doing at Galore Creek. I feel like 75% would force Teck to spend too much before they have seen the economics that justify construction.

I also do not think a buy-out is likely until the economics are demonstrated to be stronger. How would they be able to justify an acquisition to their shareholders of +$100-200M at this time? IMO