Sumitomo closes sale, takes over at Pogo
Japanese conglomerate views Alaska gold mine as major investment in its strategy to become a major force in nonferrous metals
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Last updated 7/26/2009 at Noon
Teck Resources Ltd. and affiliates of Sumitomo Metal Mining Co. Ltd. and Sumitomo Corp. said they completed the sale of Teck's 40 percent interest in the Pogo Gold Mine in Interior Alaska July 7 after several months of negotiations.
The transaction, first announced April 30, required the Japanese conglomerate to pay Teck US$245 million, plus an undisclosed amount of working capital. As a result...
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