I'd call it a makeover, but those are supposed to leave you looking better.
Teck Cominco is no more. The miner has rebranded itself as Teck Resources Limited
In the latest transaction, Teck will cede its 40% stake in the ultrahigh-grade Pogo gold mine in Alaska to majority stakeholder Sumitomo Metal Mining. With gold concentrations of 17 grams per tonne, Pogo was a precious asset for Teck, yielding $55 million in operating profit in 2008.
At a price tag of $245 million, Japan's Sumitomo is walking off with a gold mine ... one that's producing nearly 350,000 ounces per year. After ceding its stake in the Hemlo mines to Barrick Gold
Even those by-product credits are disappearing, as Teck sold a sizable royalty interest in gold production from the Andacollo copper mine in Chile to Royal Gold
What's left in Teck's once-mighty gold portfolio?
By far the most promising gold-related asset is the company's joint venture with NovaGold Resources
Given the concerted effort to unload gold assets in order to satisfy debt obligations, and the likelihood that a stake in the Elk Valley Coal project will likewise find bids from eager bargain-hunters, it's clear that Teck's ongoing transformation is far more than just a name-change.