So based on the below excerpt, Copper Fox won't be negotiating at all...the rofo allows us to decide our own value/buyout number and present it to Teck for their decision to accept or not! Like a gun to the head....take it- yes or no? Hard for Teck to say no with the carried funding of 100%....doubt they want the full responsibility to build SC (a 2 billion expense as example). The JV deal is transferable, so they need to take us out to essentially save billions and end the JV contract...quite interesting!

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Copper Fox's joint-venture agreement with Teck contains a first right of offer clause - as opposed to first right of refusal, and Copper Fox believe's this is a better mechanism to deal with the disposition of the 25% interest in the Schaft Creek project. This puts the company in a strong position to extract maximum value from the asset.

"If Copper Fox want to sell the 25% interest in Schaft Creek , it must deliver to Teck the notice letter pursuant to the joint-venture agreement, setting out the terms of the offer. If Teck accepts the offer, there's no negotiating on the terms. If they decline, then Copper Fox has six months to find a partner to at least match the terms in the offer provided to Teck," explained Stewart.