Japanese raise stake in Australian mine

MARUBENI and Sumitomo have acquired an additional combined interest of 2% in a the Hail Creek coal mine from Rio Tinto's wholly owned Queensland coal subsidiary.
Japanese raise stake in Australian mine Japanese raise stake in Australian mine Japanese raise stake in Australian mine Japanese raise stake in Australian mine Japanese raise stake in Australian mine

Rio Tinto's new Hail Creek mine in central Queensland.

Staff Reporter

According to the Jiji Press Service the value of the acquisition was not disclosed by the two Japanese trading firms.

The deal will increase Marubeni's stake in the Hail Creek coal mine to 6.66% and Sumitomo's interest to 3.33%. Rio Tinto’s share will amount to 82% after Nippon Steel Corp acquired a stake of 8% last week.

Jiji Press Service said Marubeni and Sumitomo will capitalize on a plan by the Rio Tinto unit to boost annual production to 8 million tons from 5.5 million tons by the end of this year to meet growing demand from China and other countries.

Most read Archive

loader

Most read Archive