"It's a Right of First Offer. Very different. Please read the joint venture agreement."

Thanks, golf, for clarifying aspects of the JV and other matters in your post but it's particularly irritating to know that there exists out there the impression that the JV includes Right of First Refusal. If the JV between Copper Fox and Teck stipulated Right of First Refusal, I'd be upset too, notwithstanding the other positive aspects of the agreement, but the fact that it's a Right of First Offer is the icing on the cake as far as I'm concerned.