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Message: Announces Proposed Pogo Sale

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Announces Proposed Pogo Sale

posted on Apr 30, 09 02:01AM


Teck Resources Limited
TSX:	TCK.A
TSX:	TCK.B
NYSE:	TCK

Other Recent News

April 30, 2009

Teck Announces Proposed Pogo Sale

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2009) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) today announced that it has entered into a non-binding memorandum of understanding with Sumitomo Metal Mining Co. Ltd. ("SMM") regarding the proposed sale of Teck's 40% interest in the Pogo mine in Alaska for US$245 million subject to adjustment for working capital. SMM holds an indirect 51% interest in Pogo and an affiliate of Sumitomo Corp. holds a 9% interest in Pogo.

The arrangement with SMM follows receipt by Teck of a third-party offer to acquire Teck's interest in Pogo on comparable terms. Completion of the transaction is subject to the negotiation and settlement of a definitive agreement and other customary conditions. Teck expects the transaction to close by the end of the second quarter.

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