Japan's Sojitz agrees to sell stake in Australia's Gregory Crinum coal mine

By Reuters News

By Yuka Obayashi

TOKYO, Oct 14 (Reuters) - Japanese trading house Sojitz 2768.T said on Wednesday it agreed to sell its entire stake in the Gregory Crinum coal mine in Queensland, Australia, as part of a structural reform and to reduce its exposure to metallurgical coal.

  • The company declined to disclose the buyer or financial terms of the deal.

  • Completion remains subject to several conditions, including regulatory approvals, Sojitz said.

  • The divestment is in line with its policy of selling most of its Australian metallurgical coal assets to strengthen its growth foundation.

  • Sojitz has also sold its stake in Australia's Lake Vermont metallurgical coal mine, a company spokesperson said, without disclosing the details. He added that Sojitz still holds a stake in the Jellinbah East metallurgical coal mine and has no immediate plans to sell it.

  • The company has committed to divesting all of its metallurgical coal interests by 2050 under its long-term sustainability plan, citing the irreversible global shift toward decarbonisation.


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