The last thing Teck wants is for Copper Fox to sell it's share to a major who would hold their feet to the fire. Do they want to lowball Copper Fox when CF could sell to FCX, BHP, or even a Barrick? A major with their lawyers dissecting the JV agreement looking for a edge? And Teck isn't going to "out wait" a FCX.

It's in Teck's interest to work with CF to ensure either Teck gets it all, or they're choosing the partner they want to work with. Lowballing is not a good tactic here, and I think Teck realizes that. JMO.