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TORONTO (miningweekly.com) – Vancouver-based Teck Resources has completed the sale of its interest in the Pogo gold mine, in Alaska, for $245-million, the firm reported on Wednesday.
The group, which has been selling noncore assets for cash to repay debt, announced in April that it would sell 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.
Last week, Teck unveiled a plan to sell C$1,74-billion worth of shares to China Investment Corp (CIC), a $200-billion sovereign wealth fund.
The company took on almost $10-billion in debt last year to acquire the assets of Fording Canadian Coal Trust, but CEO Don Lindsay said on Friday that the CIC transaction, a $4,2-billion bond sale in May, proceeds for asset sales and a tax refund in Canada, will cut the group's total debt to around $1,5-billion.
From there, the company expects to pay off the rest of the debt from operating cash flow.
Other assets that have been sold include Teck's 50% in the Hemlo gold operations to Barrick, a 60% interest in the Lobo Marte gold property, in Chile, to Kinross, a portion of the gold produced at the Andacollo mine, in Chile, to Royal Gold, and a one-third interest in Teck's Waneta Dam, in southeastern British Columbia, to BC Hydro.
The company is also considering the sale of a 20% stake in its coal unit to a "strategic partner".
