I'm not sure I understand the 120 days thing. If they need to JV within 60 days, don't they need to know before for how much % they will back-in?

Yes, there seems to be alot of confusion about this. According to their agreement they have to form a JV within 60days but then according to Elmer how can you have a JV if you don`t know if they are going to back in. It would be like putting the cart before the horse. Teck has to make a back-in decision before a joint venture can be formed otherwise it`s a waste of time and resources. Imo, I would think Elmer is right about this that Teck has 120days to make their decision and then a JV agreement must be entered into within 60days after that otherwise the 120 days is meaningless.