December 18, 2018
Mitsubishi Corporation has Reached Agreement to Sell its Interests in the Clermont and Ulan Coal Mines in Australia
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 (*). 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.
(*) 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
Location of the Clermont and Ulan Mine
About Mitsubishi Corporation
Head Office： 3-1, Marunouchi 2-Chome, Chiyoda-Ku, Tokyo 100-8086, Japan
Main Business： Mitsubishi Corporation is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation’s current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
Representative： Takehiko Kakiuchi, President and CEO
Head Office： Baarermattstrasse 3 Baar, CH-6340 Switzerland
Main Business： Glencore is one of the leading mining and commodities trading companies in the world, with a range of mining activities including copper, coal, zinc and nickel. Glencore’s business covers over 90 commodities encompassing metals & minerals, energy products and agricultural products as well as related marketing and logistics activities.
Representative： Ivan Glasenberg, Chief Executive Officer
About Sumitomo Corporation
Head Office： 3-2 Otemachi 2-Chome, Chiyoda-Ku, Tokyo 100-8601, Japan
Main Business： Sumitomo Corporation conducts business activities in wide range of industries on a global scale, with metal products, transportation & construction systems, infrastructure, media & digital, living related & real estate, and mineral resources, energy, chemical & electronics.
Representative： Masayuki Hyodo
Inquiry RecipientMitsubishi Corporation
Telephone:+81-3-3210-2171 / Facsimile:+81-3-5252-7705