There is no evidence that Teck did not approve the FS. This is how I see it. If Teck didn't approve a FS done by CUU, why on earth would they give us $20 million + 25% interest in the JV?
I don't get why some people who thinks just because Teck didn't spend $360 million as per the Salazar agreement, FS wasn't approved or even delivered. The JV based it on two parties who both acknowledge value in SC and wants to move forward with it.

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As I see it, we fulfilled the Salazar agreement (a positive BFS, done by a third party) so Teck had to do something. They may not have liked the way the FS was done, but it did technically meet the requirements of Salazar. Were they ready to commit $360 million based on what they were handed? I think probably not.

So I assume that is why Salazar was flushed and the new JV was drawn up - so they can check it out for themselves without a large finacial committment. The fact that they have been going over everything (including re-logging cores and historical info) implies both that they are very interested in the property and they don't trust the work that was done (or was done in a way contrary to the way they approach it). The high level review and drilling next year is so they can have a clear vision of what SC has to offer and if they like what they see, possibly the precursor to an updated FS.

Someone mentioned a new FS would allow an EA submission under new rules yesterday - another reason for Teck to reject CF's 2012 FS? Makes sense to me.