I read and understand our ROFO differently. We ask Teck for their offer, after we receive it we can shop around for a better price. If another party offers said price plus $1, Teck looses out and the property goes to the competitor.

So Teck's initial offer better be a good one! 

I'm not so sure about that.  Teck is the one who holds the Right Of First Offer (ROFO), which means that when CF is ready to offer to sell their 25% interest in the SCJV that CF cannot do so (offer) to anyone else but Teck first.  If the price of the offer is reasonable or if it is a steal Teck will/should buy.   If it is not a great deal then I don't think they care who steps into SCJV's Jr dungeon.

If Teck passes then CF has 6 months to find a buyer willing to pay a dollar more than the First Offer made to Teck.  That time constraint is too much "under the gun" or "fire sale" selling pressure that majors would exploit. After 6 months the ROFO expires, or should I say hibernates for IIRC 9 months, i.e.  CF cannot resubmit another First Offer to Teck for a while.

Anyway, whether your interpretation or mine is correct, IMO, well before you trigger the ROFO ....CF had better do all the shopping around legwork in advance to "get their major ducks" in a row and gain "market value/price knowledge" confidence that the amount asked for of Teck in the ROFO WILL BE accepted by one major or another.   JMHO