Mitsubishi Corporation announced on May 30, 2018 that it had reached an agreement for the sale of its 50% ownership interest in BMA's Gregory Crinum (GC) coking coal mine in Australia, which is currently under care and maintenance, held by wholly owned subsidiary Mitsubishi Development Pty. Ltd., to Sojitz Corporation. The sale was successfully completed on March 27, 2019.
BHP, the holder of the remaining interest in the GC mine, also completed its sale of their 50% interest to Sojitz.
Mitsubishi has been taking steps to improve its asset portfolio while maintaining its size, and the divestment of the GC mine is one part of this strategy.
In conjunction with these efforts to optimize its asset portfolio, Mitsubishi is committed to enhancing the competitiveness of its existing assets through continuous endeavors aimed at reducing cost and improving productivity.
The profit from this sale has been included in the full-year earnings forecast for the fiscal year ending March 31, 2019.