Mitsui to share ownership of five Australian coal mines

Trading house Mitsui & Co. said Friday that it has agreed with Anglo Coal Australia Pty. Ltd. to share ownership of five Australian coal mines.

The mines in northeastern Australia are named Moura, Thedore, Dawson, Taroom and German Creek. They have the potential to produce about 22 million tons of coal for export a year.

Mitsui will own 49 percent of the first four mines, while Brisbane-based Anglo Coal will control 51 percent, following a series of transactions involving the mining company Coal & Allied Industries Ltd.

Mitsui will also buy a 30 percent stake in German Creek, it said.

The string of buy and sell transactions will be worth more than 40 billion yen, according to Mitsui, which is expected to pay somewhere close to 20 billion yen, an industry source said.

Mitsui will initially acquire the Moura mine, of which it presently owns 45 percent. by buying the remaining 55 percent from Coal & Allied Industries.

Mitsui will then sell the 51 percent stake in the mine to Anglo Coal sometime between July and September. Both buy and sell transactions are contingent on approval by Australian authorities, it said.