My surprise is based on experience since it's impossible to foresee the unintended consequences of the PEA results, which can go against either side.

Can you explain this? I don't see how the PEA results would go against either side? From the info so far, the PEA should prove more value for the JV.  Teck and CUU will benefit.  You can argue that Teck will have to pay more for CUU portion but then the entire time of the JV, the insiders of CUU wants fair value for the 25% knowing they have a carried interest. 

I wonder how much sumitomo is going to be paying for an interest in SC and the golden triangle.  I think this is going to be Teck's partner down the road.  Taxes, operations, and finances, thi sis the best outcome for Teck.