So something like this could happen?

Let's estimate 25% of Schaft Creek is worth 800M.  In order to acquire at least 50%, a major would need to invest 1.6B and they would still need to finance 50% of the capital required to build the mine.  In our case, that might be another 1.6B for a total of 3.2B.

Therefore, that's 3.2B for the partner giving them 50% and 1.6B for Teck giving them also 50%.

If a major agrees to fund 100% of the project (3.2B) in exchange of 60% and Teck gives us shares for our 25%.

That's 3.2B for the partner (60%) and 0$ for Teck and they still have 40% of Schaft Creek + 100% of all the other deposits that will benefit in the future from the existing infrastructures paid by the partner.

 MoneyK