TOKYO: Japan's Mitsubishi said on Tuesday it will sell its stake in two Australian thermal coal mines for A$750 million ($539 million).Mitsubishi will sell its 31.4 per cent stake in Clermont coal mine to a joint venture between Glencore and Sumitomo Corp, while it plans to sell its entire 10 per cent stake in Ulan coal mine to Glencore, it said in a statement.
Through the deal, which is expected to be completed in 2019, the Glencore-Sumitomo joint venture's stake in the Clermont mine will rise to nearly 81.5 per cent, Sumitomo said.