If Teck does not intend to buy CF out, then I agree, JV is the next step although well passed the deadline. If Teck hopes to buyout CF, then having a JV does not make sense, who need an agreement with themselves? IMO, I've always thought a JV is a possibility but somewhat remote because the JV agreement would hold Teck to a timeline and expenditure floors. While I don't think the timelines are too onerous, I've been of the mind that Teck would prefer otherwise.

The other scenario is that Teck is in the process of identifying a partner and the buyout is part and parcel to the entire transition. This seems to be a more likely scenario assuming Teck wants to further diversify their risk in the area.

I'd be delighted to see a share/cash for share deal but the more cash is put up, the more risk the buyer would be taking on. I'm sure Teck is mindful of the dilution but to me they could always buy back shares through a normal course issuer bid at a price of their liking.

GLTA