ALASKA — Teck Resources of Vancouver is planning to sell its 40% share in the Pogo gold mine near Fairbanks to Sumitomo Metal Mining, which already holds an indirect 51% interest in the property. The deal will be worth US$245 million.
The Pogo site is the home of an underground mine, processing facilities based on CIP technology, a water treatment plant, and a paste backfill plant/dry-stack tailings facility. There are also camp facilities for 200 people. The mine reached commercial production in April 2007. It produced 347,000 oz of gold in 2008.
Saddled with large debt following the acquisition of Fording, Teck continues to sell certain assets to reduce its indebtedness.
See also www.Teck.com.