There is supposed to be a JV that replaces this Agreement and that carries us through until Teck has earned back their share. Then there is supposed to be a JV that carries forward from that date. There is no hard and fast date in which either JV has to be negotiated and delivered.

I agree that even re-writing this JV should be announced in a NR, but I disagree that it has to be negotiated on a set date because, as I've said, the contract says CF can review the document with no deadline.

Elmer has said two things in the Smithers talk that seems to imply they won't bother with the first JV, and will move right along into the production JV with Teck. Here's from HayzToo's reports:

"If [CF is] left with a percentage of the property, they will look for buyers for their portion. That searching will take time, and they will be partners in a joint venture until such time as a buyer for CUU's portion is found.

If Teck comes in, they will be the operator. If they come in for 75%, they will be the operator. They'll dictate the program."

As I read this Agreement, Teck would not be the operator until they had earned their share completely. However, you can see Elmer is prepared to accept Teck's direction if they decide to opt in without buying us out completely. I sort of suspect they aren't clear on what will happen because they think Teck will either walk or completely buy us out, in which case the whole question of the JV becomes moot.