Teck and Newmont are partners in business. For that reason I expect they will not bid (or compete) against each other for SC. Newmont and Teck will undoubtedly have made agreements about this. In addition, I think/hope that CF and Teck have long since made agreements about the time of sale and the criteria for fair value.

I also share this sentiment. I recall that the 2021 PEA really took a long time as CUU ensured Teck was on board with every detail of it. At CUU's expense. I wondered then if this was a critical aspect for CUU. Why would they be bowing before Teck on this if CUU was footing the bill? I think it was for a couple of reasons.

First, to establish what was needed to surface value for SC and get to the PFS stage gate. My understanding is that Teck has essentially gone ahead and done what was recommended to do. This was likely negotiated.

I now think that they might have also negotiated that if Teck paid for those improvements that CUU would then take the (fair) value surfaced at that point and exit stage left. This would then give Teck some certainty around knowing a time/value of SC to then attract a partner of its choice, also something CUU might have agreed to.

Maybe something along such lines is why Elmer has gushed about Teck when a "deal" has yet to be announced.

My $0.02

K