TOKYO, Dec 18, 2018 - (JCN Newswire) - 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(1). 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.
(1) 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
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, 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. For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
Dec 18, 2018 17:49 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
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