I’ve been following this thread with interest and thanks to all who have contributed to it.

Under the scenario in which Teck passes on ROFO and Copper Fox looks for another buyer:

I assume another buyer, with access to updated figures under NDA from CUU, would first have a chat with Teck before plonking its money down. Given that Teck has responsibility for moving ahead with production and incurring the cost of production, why would Teck do anything? In which case, why would another buyer be interested at all? The only answer I can come up with is that a deal is prearranged that is agreeable to all three parties. Anyone, please feel free to shoot any of this down.