Ernesto has a fiduciary duty to sell to the highest bidder so I don't understand your confidence that Teck will for sure be the buyer of our 25%.   Sure it would be smart for Teck to gain 100% control but they can only do so by accepting a big ROFO price which should be at a small premium to what would be expected from the market in an auction sale.   

I can't see how Ernesto can determine an appropriate ROFO price without having first gained at least some verbal expressions of interest (in a given price range) from multiple credible bidders.  I think its his fiduiciary duty to perform an "auction rehearsal" of sorts before determining a ROFO price. 

There is no reason that I can see as to why we wouldn't play Newmont against Teck.  Newmont has way deeper pockets than Teck, is known to be interested in the area, can't be happy with Teck and I am sure they too want to put pressure on Teck to stop resting on their ores...   

The Newmont CEO had better be getting a Christmas card fomr Ernesto this year.  I could argue that its Ernesto's fiduciary duty to send all majors one.