I fully believe Teck will take the 75% plus try to take us out.
Here's where I think most people are wrong. Teck has only one option either a back in or a full buyout. Once Teck decides on a back in they are committed to fullfilling the terms of the back-in to earn their interest. And once they decide they cannot latter change their mind as per my conversation with Micheal Smith. They cannot say they will back in 75% and then latter announce to CUU oh by the way will will buy out your 25% and rescind our obligations of the back in agreement. They have not yet earned their 75% interest so how can they buy out CUU's 25% interest? You can bet there will be a substantial premium on CUU shares once Teck takes a back in option. CUUs 25% remaining interest will not be valued at just 25% of the project. It will be valued at a substantial premium above that. As I see it either Teck will take one of the back in options or it will be a complete buyout. There will be no taking a back in option and then also trying to buy CUU's remaining interest at a discount to get out of their back in obligations.
