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September 08, 2008


Marubeni acquires interest in Queensland Coal Mine Management

Marubeni announced that through its wholly owned subsidiary Marubeni Coal Pty Ltd, it has completed the purchase of 1/3 shares of Queensland Coal Mine Management Pty Ltd which holds 70% interest in the Jellinbah East Coal Mine and Lake Vermont Coal Mine through the acquisition of Ingatatus Pty Ltd.

Marubeni's commercial objective in buying the shares in Queensland Coal Mine for about JPY 40 billion includes the future expenditure for expansion and development is to increase its interest in the Jellinbah East Coal Mine by 15% to 38.33% and to increase its interest in the Lake Vermont Coal Mine by 10% to 33.33%.

Both coalmines have enormous open cut coal reserves and are highly competitive in the operating cost and product coal quality. Jellinbah East Coal Mine currently produces PCI coals at approximately 4 million tonnes per annum for the international steel industry. Lake Vermont Coal Mine is planned to achieve its first railing of product coal in the first quarter of 2009 and will produce coking and PCI coals with low ash and low sulphur at approximately 3 million tonnes per annum to 4 million tonnes per annum.

Through the acquisition Marubeni will participate in the coal mine management more deeply and aggressively as the major owner of Jellinbah East Coal Mine and Lake Vermont Coal Mine with a view to expanding the production to 10 million tonnes per annum or more in the future, which will contribute to the stable coal supply for customers in Asia, South America and other areas. After the acquisition, Marubeni will have total equity coal production capacity of 6 million tonnes per annum and will become one of the top PCI coal trading companies.

Marubeni Corporation was established in 1858 and is a core company of Marubeni Group, one of Japan's leading general trading houses. Its operations encompass domestic import, export and offshore trade. Activities range from the development of natural resources to the retailed marketing of finished products.