Sumitomo to Sell Stake in Rolleston Coal Mine to Glencore
Japanese trading house Sumitomo Corp has agreed to sell its 12.5% stake in the Rolleston thermal coal mine in Australia to its partner Glencore PLC for an undisclosed sum. Glencore will own 100% of the mine after the deal.
The move comes in line with the Japanese company's policy to tackle climate change, which was revised in May and included a goal to cut its thermal coal output to zero by 2030. Sumitomo's remaining interest in thermal coal mines is a 37.13% stake in the Clermont mine in Australia, but the company plans to keep its stake as the mine life is expected to end by 2030