When you think about it if we offer this to Teck for fair value they should buy it because, well, it's fair value. Immediately after Teck buys it from us for fair value the actual fair value would increase significantly because suddenly Teck can say they plan on putting this into production, or their FS is substantially better, or whatever. They would also realize a greater than fair value buying from CF because they would then get out of the JV.

So it is logical to assume that Teck would buy the project and the prod we have to move them along is the First Right of Offer. So we have the ability to stipulate timing somewhat.

Elmer didn't do this yet because the fair value figure was too low at the time the JV was negotiated. (It still has to appear to be fair value to an outside buyer.) In the negotiations he got that 10,000 meter drill program that he needs to increase the fair value to a reasonable position.

Personally, I'm hoping we don't get the drill results very soon as I'm hoping this means they are up to something. It might just be that we never see this FROO play out because they can all think it through without bothering to go through the motions, and everyone is just waiting for that fair value figure to hit the mark. In the meantime, Teck could be lining up partners on the side knowing nobody can do an end run around them and buy directly from CF.