TORONTO (miningweekly.com) – Vancouver-based Teck Resources has agreed to sell its 78,8% holding the Morelos gold project, in Mexico, to junior Gleichen Resources, for $150-million in cash plus shares representing 4,9% of Gleichen.

The transaction is expected to close in the fourth quarter.

The remaining 21,2% interest in the Morelos project is owned by Canadian gold-miner Goldcorp.

Teck has sold several gold projects and holdings over the last year, as part of a divestiture of noncore assets.

These include the sale of Teck's 50% in the Hemlo gold operations to Barrick Gold, a 60% interest in the Lobo Marte gold property, in Chile, to Kinross, and a portion of the gold produced at the Andacollo mine, in Chile, to Royal Gold.

Teck also sold its 40% share of the Pogo gold mine, in Alaska, to Sumitomo Metal Mining, which, with Sumitomo Corp, owns the balance of the asset, for $245-million.

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