Mitsubishi Corporation has Reached Agreement to Sell its Interests in the Clermont and Ulan Coal Mines in Australia

Dec 18, 2018 18:49 JST

Source: Mitsubishi Corporation

TOKYO, Dec 18, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) has entered into agreements to sell its two thermal coal assets held by Mitsubishi Development Pty Ltd, its wholly owned subsidiary headquartered in Brisbane, Australia(1). The total sale value of the assets is A$750 million.

The sales are subject to the terms of the Clermont joint venture documents, under which other joint venture participants hold pre-emptive rights, and fulfillment of other conditions, including certain regulatory approvals. The completions of the sales are expected in 2019.

MC has been taking steps to optimize its asset portfolio. The divestment of the assets is one part of this strategy.

(1) Details of Sale Assets and Respective Purchaser

Sale Asset 1: 31.4% interest in Clermont Coal Mine located in Queensland
Purchaser: GS Coal Pty Ltd, a jointly controlled entity owned 50:50 by Glencore and Sumitomo Corporation

Sale Asset 2: 10% interest in Ulan Coal Mine located in New South Wales
Purchaser: Glencore Coal Pty Ltd, wholly-owned subsidiary of Glencore

Contact:

Mitsubishi Corporation
Telephone: +81-3-3210-2171 
Facsimile: +81-3-5252-7705

Source: Mitsubishi Corporation
Sectors: Metals & Mining

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