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Business

Mitsubishi to cash out of 2 Aussie coal mines

Japanese trading house shifting away from resources as prices slump

TOKYO -- Mitsubishi Corp. has decided to sell its interests in a pair of coal mines in New South Wales, Australia, as weak resource prices prompt trading companies to replace existing interests with new assets.

Combined proceeds are seen topping 100 billion yen ($910 million). Mitsubishi has stakes of 32.4% in the Hunter Valley Operations mine, which produces 14 million tons a year, and 28.9% in the Warkworth mine, which produces 8 million. The interests correspond to the amounts invested.

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