From Teck's perspective, it's a calculation of different options.

1) Do they pay for all the capex with cash and take all the risk?

2) Do they partner to share the cost and resources, but also the profit?

3) Do they go alone, but with a loan for maybe 50% of capex at 5-8% interest?

4) Do they go alone, but stream gold, which will increase their cost of production, but reduce their exposure upfront?

I don't think CF could stream it's share of gold with Teck being the operator, but still fun to compare the numbers.  

Good news is that we don't have to worry about the construction cost with the carried-interest.

MoneyK