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By Shane Lasley
Mining News 

Mining Explorers 2009: Japanese firms buy out Teck at Pogo

Alaska gold operation becomes first overseas mine operated by Sumitomo Metals Mining

 

Last updated 11/1/2009 at Noon



Sumitomo Metal Mining Co. Ltd. and Sumitomo Corporation closed a deal in July to purchase Teck Resources Ltd.'s 40 percent interest in the Pogo Gold Mine in Interior Alaska.

The transaction required the Japanese companies to pay Teck US$245 million, plus an undisclosed amount of working capital. As a result, Sumitomo Mining and Sumitomo Corp. now own 100 percent of Pogo, with the former increa...



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