TOKYO, Mar 27, 2019 - (JCN Newswire) - Mitsubishi Corporation (MC) announced on May 30, 2018 that it had reached an agreement for the sale of its 50% ownership interest in BMA's Gregory Crinum (GC) coking coal mine in Australia, which is currently under care and maintenance, held by wholly owned subsidiary Mitsubishi Development Pty Ltd to Sojitz Corporation (Sojitz). MC is hereby pleased to announce that the sale was successfully completed on March 27, 2019.
BHP, the holder of the remaining interest in the GC mine, also completed its sale of their 50% interest to Sojitz.
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.
In conjunction with these efforts to optimize its asset portfolio, MC is committed to enhancing the competitiveness of its existing assets through continuous endeavors aimed at reducing cost and improving productivity.
The profit from this sale has been included in the full-year earnings forecast for the fiscal year ending March 31, 2019.
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/.
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Mar 27, 2019 16:55 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
From the Asia Corporate News Network
Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.