Sumitomo to Sell Stake in Rolleston Coal Mine to Glencore
Rolleston Coal Mine Glencore

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

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

Related Stories

No stories found.
SteelGuru Business News
www.steelguru.com