Sojitz announced that it will sell part of its Australian coking coal interests and outlined a policy of fully exiting its Australian operations by 2050. The buyer, timing and amount of the sale have not been disclosed.
Sojitz announced that it will sell part of its Australian coking coal interests. The interests in question are in the Gregory Crinum coal mine, but the buyer, timing and amount of the sale have not been disclosed.
The company acquired the interests from Mitsubishi Corporation and others in 2019 for approximately ¥8 billion. The financial impact after the sale and details of its current ownership ratio are unknown.
At its financial results briefing at the end of July, Sojitz outlined a policy of pursuing business restructuring, including the sale of its Australian coking coal operations. Over the long term, it plans to withdraw from its remaining businesses as well and reduce its ownership interests to zero by 2050.