Mitsui to hang on to its Kestrel stake

JAPANESE giant Mitsui will not sell its 20% stake in the Kestrel longwall mine in Queensland to private equity firm EMR Capital for US$560 million, instead opting to form an operating joint venture with EMR.

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Mitsui to hang on to its Kestrel stake Mitsui to hang on to its Kestrel stake Mitsui to hang on to its Kestrel stake Mitsui to hang on to its Kestrel stake Mitsui to hang on to its Kestrel stake

Mitsui wants to retain its 20% stake in the Kestrel longwall mine in Queensland.

Mitsui would have received the $560 million as the "tag-along" valuation for the minority stake it owns after EMR paid Rio Tinto $2.25 billion for the 80% share of Kestrel.