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Business

Mitsubishi mulls selling stake in Australian coal mine

Trading house rebalances resources portfolio, favors coking over steam coal

Trading house Mitsubishi Corp. intends to shift focus from steam coal toward coking coal.

TOKYO -- Mitsubishi Corp. looks to unload its stake in an Australian steam-coal mine as the Japanese trading house reshuffles its resources business, which took a big hit from market stagnation last fiscal year.

The Clermont mine in Queensland, which began production in 2010, churns out around 12 million tons of coal yearly, and Mitsubishi's share entitles it to around 3.8 million tons. The stake in this project accounts for around 30% of the trading house's global interest in steam coal, which is used in power generation.

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