RE: Call me crazy, but...This isn't going to happen for anything less than full market value and not until after feasibility
1. Insiders own majority control of the shares. Why would they sell for a dollar a share today (35% over current price) when they believe it is worth $2
2. Teck's risk today is huge compared to after feasibility. For instance, what would happen if Teck bought out Fox today and for some reason the local native bands withdrew their support for the project? Teck would be stuck in the same position as TKO, with a tonne of money invested and nothing to mine.
3. Assuming Teck did make an offer today, would that really make their final purchase price cheaper or more expensive? An early offer would be money in the bank for Fox's shareholders as it would only give them more time to shop their position to other companies
IMO when Teck backs in they will either buyout Fox completely at the same time or will help arrange a buyout with a more suitable partner. In business you either want to be able to trust your partner completely or have no partner at all.