All it means is that Teck has the right to make the first offer for Copper Fox's interest.

Thanks Neofight, but the FROO belongs to Copper Fox. So Copper Fox makes the offer to Teck and Teck either accepts or rejects and then we can sell to someone else without Teck having any rights to scoop the deal, as you said.

We could also spin off the VD project and our interest in Carmax, and sell Copper Fox Metals to another company without having to make any offer to Teck and they have no First Right of Refusal or First Right of Offer. The buying party would simply inherit our contract with Teck.