Mitsubishi to sell stake in 2 Australian thermal coal mines for $539 mn

Madiha Shakeel December 18, 2018

TOKYO:  Japan’s Mitsubishi Corp said on Tuesday it will sell its stake in two Australian thermal coal mines for A$750 million  ($539 million).

Mitsubishi will sell its 31.4 pct stake in Clermont coal mine to a joint venture between Glencore and Sumitomo Corp, while it plans to sell its entire 10 pct stake in Ulan coal mine to Glencore, it said in a statement.

Through the deal, which is expected to be completed in 2019, the Glencore-Sumitomo joint venture’s stake in the Clermont mine will rise to nearly 81.5 percent, Sumitomo said.

Copyright Reuters, 2018

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