Notwithstanding Glencore’s record of skirting ethical boundaries when it comes to serving its best interests, what may be good for Teck shareholders in the event of a Glencore takeover isn’t necessarily good for Copper Fox shareholders. A previous contributor referred to Teck’s ‘sandbagging’ tactics over the years: an apt description and one which would also apply to Glencore in spades.

Still makes sense to me, though, for Glencore to take out Copper Fox in its entirety, ES permitting, although the federal government might have something to say about that.