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Mitsubishi Corp. to sell interest in Gregory Crinum coking coal mine

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World Coal,

Mitsubishi Corp. (MC) has entered into an agreement with Sojitz Corp. 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 AUS$100 million. Completion of the sale will be subject to fulfilment 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.

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

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