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May 31, 2018 10:54 JST

Source: Mitsubishi Corporation

Mitsubishi Corporation Reaches Agreement to Sell Interest in Gregory Crinum Coking Coal Mine in Australia

TOKYO, May 31, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) has entered into an agreement with Sojitz Corporation (Sojitz) to sell its 50% interest in BMA's Gregory Crinum (GC) coking coal mine, which is currently under care and maintenance. The sale will be executed through Mitsubishi Development Pty Ltd (MDP), MC's wholly-owned subsidiary headquartered in Brisbane, Australia.

BHP, the holder of the remaining interest in the GC mine, will also sell their 50% interest to Sojitz. The total sale value of the mine, with interests held by MC and BHP combined, will be A$100 million (ca. YEN8.2B). Completion of the sale will be subject to fulfillment of conditions precedent, including approval from the Australian government.

Based on its "Midterm Strategy 2018," released in May 2016, MC has been taking steps to improve its asset portfolio while maintaining its size, and the divestment of the GC mine is one part of this strategy.

In conjunction with these efforts to optimize its asset portfolio, MC is committed to enhancing the competitiveness of its existing assets through continuous endeavors aimed at reducing cost and improving productivity.

The profit from this sale has been included in the full-year earnings forecast for the fiscal year ending March 31, 2019.

Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Source: Mitsubishi Corporation
Sectors: Energy, Alternatives

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

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