Teck Resources said it has reached a tentative agreement with Sumitomo Metal Mining Co. to sell its 40 percent interest in the mine to the Japanese company for $245 million plus working capital.
Sumitomo said it expects the purchase to be completed by June. Pogo would be the first overseas mine that the company has ever operated, it said.
"The company looks for this experience to become an important step toward securing other overseas mining operations in the future," a Sumitomo press release said.
The Pogo underground gold mine opened in 2006 and produced 351,000 ounces of gold last year, making it one of Alaska's largest gold mines. It has 297 employees.
Teck is based in Vancouver, Canada, and it also operates the Red Dog zinc and lead mine near Kotzebue. The company previously announced it was considering the sale of Pogo and several other gold mines to help pay off the large debt that Teck assumed when it purchased a large coal project in British Columbia.
Sumitomo is a top metal producer and fabricator in Japan, with head offices in Osaka and Tokyo. It has about 130 subsidiaries and affiliates in Japan and around the world, including Chicago and Houston.
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