The issue with Roulston's assertion above is that we're all wishing (if not expecting) 4, 5, and maybe even 6 times the current 'valuation' of CUU in terms of a 100% back in / buy out. In which case, we're looking at more like 32%, 40%, and possibly even 48% of Teck's current cash position. Hmmmm. Are executive really going to jettison that kind of cash (and/or cash combined with stock)? They'll get crucified by Teck shareholders --- wouldn't they?!

As said many times before:

Remember, Teck can pay CUU +$1.0B then form a JV with a major asking +$1.5B. So Teck will have no problem coming up with the cash, because they are capable of other options to deleverage the project.