According to Thomson Reuters Point Carbon, Japan’s Marubeni Corp. is set to sell its 40% stake in Canada’s Grande Cache Coal (GCC). The company has lined up Hong Kong’s Up Energy Development Group Ltd to buy the stake, with the two firms signing a non-binding memorandum or understanding on the issue.
The price of the sale has not yet been disclosed, though Up Energy has confirmed the existence of the MOU.
The move is another example of Japanese firms exiting coal projects, as Japan’s Sumitomo Corp announced this week that it and partner Vale would shut down their Isaac Plains coal mine in Queensland, Australia, due to a slump in coal prices.
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/01102014/marubeni-exits-canadian-coal-project-1382/