Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 3 April 2024, 18:05 HKT/SGT
Share:
    

Source: Mitsubishi Corporation
Mitsubishi Corporation: Sale of BMA Coal Assets in Queensland Completed

TOKYO, Apr 3, 2024 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce the successful completion of the sale of the Blackwater and Daunia coal mines to Australia's Whitehaven Coal Ltd. (Whitehaven). This divestment, initially released by MC on October 18, 2023, has now reached fruition. MC's 50% stake in each of these mining assets was acquired through its wholly owned subsidiary, Mitsubishi Development Pty Ltd. (MDP). MDP shares equal ownership of the BHP Mitsubishi Alliance (BMA) with the resource major BHP. Following the completion of all required legal proceedings and sale conditions, the divestment of both mines by BMA to Whitehaven was officially concluded today.

Map of Blackwater and Daunia Mines

MC consistently evaluates its mineral resources portfolio to enhance its quality and resilience against potential downturns. The strategic choice to divest from these two mines was guided by this overarching objective, marking the culmination of MC's efforts to consolidate its holdings in high-grade metallurgical coal assets. Ensuring stability in the supply of this crucial commodity remains a top priority for MC, underscoring its ongoing commitment to maintaining BMA as a cornerstone of its mineral resources portfolio. 

BMA's high-grade metallurgical coal, when used in blast furnaces, yields lower greenhouse gas emissions compared to conventional metallurgical coal. This underscores its potential to play a pivotal role in decarbonizing the steelmaking industry. While ensuring a steady supply of high-grade metallurgical coal and iron ore remains critical for MC's mission to support society in achieving carbon neutrality, net proceeds can be strategically allocated towards expanding its supply capabilities in other critical minerals essential for electrification. These may include copper, aluminum/bauxite, lithium, and nickel. Additionally, MC intends to invest in secondary resources to propel the circular economy forward, thereby amplifying support for EX (Energy Transformation) initiatives.

Further details regarding the sale of these two coal mines will be incorporated into MC's forecast for its fiscal year 2024 consolidated financial results, which will be announced in the near future.

Inquiry Recipient:
Mitsubishi Corporation
Telephone: +81-3-3210-2171




Topic: Press release summary
Source: Mitsubishi Corporation

Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Mitsubishi Corporation Links

http://www.mitsubishicorp.com

https://www.linkedin.com/company/mitsubishi-corporation/

Mitsubishi Corporation
Apr 1, 2025 13:16 HKT/SGT
Mitsubishi Corporation: Development of R&D Hub "iPark Kobe" in Kobe Medical Industry City
Mar 28, 2025 15:29 HKT/SGT
Mitsubishi Corporation, ADM Sign Non-Binding MOU, Form Strategic Alliance
Mar 26, 2025 13:31 HKT/SGT
Start of Joint Study on Integrated Power and Data Center Business in Ohgishima area in Keihin District
Mar 13, 2025 12:26 HKT/SGT
Hokkaido Electric Power Corporation and Mitsubishi Corporation Establish a Joint Venture "Hokkaido Renewable Energy Aggregation Co., Ltd."
Feb 24, 2025 11:30 HKT/SGT
Mitsubishi and ENEOS to conduct Front End Engineering Design for Sustainable Aviation Fuel (SAF) Production at the Wakayama Refinery
Feb 21, 2025 14:01 HKT/SGT
Mitsubishi Logistics Corporation, Mitsubishi Corporation, and Yourstand Inc. Advancing Completely CO2-Free Electrification of Pharmaceutical Transportation
Feb 17, 2025 13:10 HKT/SGT
Launch of Joint Demonstration Experiment of Remote Provision of GPU Computing Power
Jan 17, 2025 13:35 HKT/SGT
Mitsubishi Corporation and JOGMEC Announce Investment in eFuels provider Infinium
Nov 15, 2024 11:32 HKT/SGT
Resorttrust Group and Mitsubishi Corporation Launch Joint Study in Medical Tourism
Nov 6, 2024 10:51 HKT/SGT
Yoshimoto Kogyo and Mitsubishi Corporation have signed a business partnership agreement for co-creation of business using "laughter"
More news >>
 News Alerts
Copyright © 2025 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: