December 18, 2018 / 6:36 AM / a month ago

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

TOKYO, Dec 18 (Reuters) - 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.

$1 = 1.39 Australian dollars Reporting by Yuka Obayashi, Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below