Japanese trading house Sojitz (TYO: 2768) said on Wednesday it agreed to sell its entire stake in the Gregory Crinum coal mine in Queensland, Australia, as part of a structural reform and to reduce its exposure to metallurgical coal.
The company declined to disclose the buyer or financial terms of the deal.
Completion remains subject to several conditions, including regulatory approvals, Sojitz said.
The divestment is in line with its policy of selling most of its Australian metallurgical coal assets to strengthen its growth foundation.
Sojitz has also sold its stake in Australia’s Lake Vermont metallurgical coal mine, a company spokesperson said, without disclosing the details. He added that Sojitz still holds a stake in the Jellinbah East metallurgical coal mine and has no immediate plans to sell it.
The company has committed to divesting all of its metallurgical coal interests by 2050 under its long-term sustainability plan, citing the irreversible global shift toward decarbonisation.
(Reporting by Yuka Obayashi; Editing by Thomas Derpinghaus)
