Metal prices have to rebound at a minimum to bfs base line

While this is true, the $CA is lower (and therefore better for us) than the FS showed, and the capex costs are actually declining for mining now. Plus, I don't think the FS that we saw is the same as the one that Teck was able to produce for themselves. Mike at one point estimated that Teck would have been able to lower those capex costs by up to 40%. Plus, I think, metal recoveries should be improved.

Also, as we all know, the size of the mine is substantially greater than what that FS described.

The fact that the old Salazar agreement was scrapped puts Teck completely in charge with no obligation to proceed until circumstances make it conducive to do so.

The Salazar agreement wasn't scrapped. There never was an obligation to proceed in the Salazar Agreement, it specifically stated it was up to Teck to decide whether they wanted it put into production.

This is what the JV states:

"Teck and Copper Fox are parties to an agreement dated January 1, 2002 (the “2002 Agreement”) under which Copper Fox had an option to acquire, subject to the Teck Back-in Right (as defined in the 2002 Agreement), all of Teck’s direct and indirect interest in the Schaft Creek property located in the Province of British Columbia."

and,

"The Parties wish to enter into this Agreement to provide, among other matters, for the formation of a joint venture with a similar result as if Teck had exercised the Back-in Right at a 75% level and set out the terms of the joint venture formed to further explore and, if warranted, develop the Property."

They are considering a bid on Las Bambas which goes into production in 2015 and if successful would put less pressure to proceed with Schaft Creek in the near future imo.

While this is true, Las Bambas is near-term production and SC is not. There will be a lot of buyers who didn't get into the Las Bambas deal looking for something else. Anyway, I suspect China will probably end up buying Las Bambas.