I've always wondered how Teck would strike the balance between carryimg out its JV obligations to add value to SC, while not adding too much.. to get CUU's 25% for as cheaply as possible.

Their starvation strategy was the easiest thing to do, as they have other projects in their copper portfolio, and allowed derisking and efficiencies to be found. But CUU has held firm and now finds larger pieces aligning in their favor...finally.

So what's a Teck to do? If they finally must cough up fair value (whatever that is, $600-$800M USD), then how to soften this blow?

1. Get a partner to help offset

2. Don't reveal any or all enhancements for SC and do the deal with CUU as quietly as possible.

3. If they aren't doing it already, keep adding their own value to SC so all can be revealed in a splashy NR when they are fully rebranded as Teck Metals post Glencore coal sale. Good for their shareholders.

I'm thinking stuff like this is in the works and it's all about the timing....which suits Teck's interests best of course. Maybe CUU agreed to go along as this gets them their fair value, just gotta wait a few months.

Hope this isn't too repetitive, as I've posited bits of this previously. Just trying to understand the delays and what is driving things as Teck surely has their numbers crunched and CUU stating they don't have the data neatly avoids material info formal transfer which requires NR and data release.

Thoughts and opinions welcome as always.

K