Why do you state that $255 million goes back to Teck?

It's not money earned in the bank. It's money that must be spent by Teck on the project to earn it's % and Liard shares back.

The expenditures are proportional to the back in %. That's why it's a no brainer for Teck at 75%. They're financing themselves and earning in at the same time.

Since 4x85 million is 340 million...and Teck would own 75%..Teck is spending 75% of that money 255 million for it's own benefit.

In reality...the backin 75% is costing them 85 million.

But the cheapest of all options is to just take CUU out.