{"id":1090609,"date":"2018-12-18T10:44:15","date_gmt":"2018-12-18T10:44:15","guid":{"rendered":"http:\/\/www.mining.com\/?p=959597"},"modified":"2018-12-18T10:44:15","modified_gmt":"2018-12-18T10:44:15","slug":"mitsubishi-kisses-thermal-coal-goodbye-sells-aussie-mines","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1090609","title":{"rendered":"Mitsubishi kisses thermal coal goodbye, sells Aussie mines"},"content":{"rendered":"

Japan’s Mitsubishi Corp is selling its interest in two Australian thermal coal mines<\/a> for A$750 million ($539 million) to its joint venture partners Glencore and Sumitomo Corp., in a move that marks the end of its involvement in upstream fossil fuels.<\/p>\n

The company, which is Japan\u2019s biggest trading house, will sell its 31.4% stake in Clermont coal mine to a 50-50 joint venture between Glencore and Sumitomo Corp, called GS Coal, and its 10% stake in Ulan coal mine to Glencore.<\/p>\n

The Swiss miner and commodities trader said the value of the deals was $530 million. Glencore noted it would only spend $130 million, mainly on the Ulan asset, while GS Coal will use its own funds for the Clermont stake, it said.<\/p>\n

Since 2016, Mitsubishi has been shifting focus toward its non-resources businesses, which range from agricultural machinery to industrial finance and cars.<\/q><\/p>\n

The Clermont deal, expected to be completed in 2019, will bring the Glencore-Sumitomo joint venture’s interest in the mine to about 81.5%, Sumitomo said in a separate statement<\/a>.<\/p>\n

Since 2016, Mitsubishi has been shifting focus toward its non-resources businesses, which range from agricultural machinery to industrial finance and cars.<\/p>\n

Last year, it sold its interest in two other thermal coal mines in Australia, including Gregory Crinum, which was bought by Japan’s Sojitz.<\/p>\n

Today\u2019s deal means the Japanese powerhouse won\u2019t longer have any participation in thermal coal operations, although it\u2019s keeping its coking coal mines, which it considers key assets.<\/p>\n

For Glencore, it\u2019s just another coal asset under its belt<\/a>, as the company \u2014\u00a0led by former coal trader and now billionaire Ivan Glasenberg \u2014 believes Southeast Asian countries will continue to rely on the fossil fuel to power its plants.<\/p>\n

The deal comes as the\u00a0International Energy Agency (IEA) predicted Tuesday<\/a> that global coal demand will edge higher until 2023, mainly thanks to India and other Asian countries, which will offset a decline in Europe and the US.<\/p>\n

It also follows an agreement last week among 200 countries to implement rules outlined in the Paris Agreement, the landmark 2015 global pact aimed at curbing emissions from fossil fuels.<\/p>\n

Coal remains the second-largest global source of primary energy, behind oil, and the largest source of electricity.<\/p>\n

The post Mitsubishi kisses thermal coal goodbye, sells Aussie mines<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Japan’s biggest trading house is selling its 31.4% stake in Clermont coal mine to a 50-50 joint venture between Glencore and Sumitomo Corp, and its 10% stake in Ulan coal mine to Glencore.<\/p>\n

The post Mitsubishi kisses thermal coal goodbye, sells Aussie mines<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[647,419,678,679,404,369,680,681],"tags":[15],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090609"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1090609"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090609\/revisions"}],"predecessor-version":[{"id":1090725,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1090609\/revisions\/1090725"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1090609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1090609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1090609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}