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.

 

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

 

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

Establishment： 1954

 

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

Establishment： 1974

 

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

Establishment： 1919