Dec. 18, 2018
Additional acquisition of Australian Clermont coal mine interest
Sumitomo Corporation (“Sumitomo Corp”, President and Chief Executive Officer : Masayuki Hyodo) and mineral resources major, Glencore International AG (Chief Executive Officer : Ivan Glasenberg), own part of the Clermont coal mine in Queensland Australia through the joint special purpose vehicle, GS Coal.
Today, GS Coal have come to agreement with Mitsubishi Development Pty Ltd. to acquire their full interest share of the mine.
This agreement will allow us to continue supply of high quality thermal coal to our end users, adding to our continued commitment to energy security and its stable supply.
Sumitomo Corp will continue to take action to achieve a low carbon society, based on our belief that climate change is a material concern that has lasting implications to our environment, society, and corporate activities for generations, while we continue to fulfill of our social mission of stable energy supply.
|<Clermont coal mine information>|
|Interest shares (post acquisition)||:||81.5% : GS Coal (inclusive of Mitsubishi Development Pty Ltd. share of 31.4%) 15.0% : J-Power Australia Pty Ltd. 3.5% : J. C. D. Australia Pty Ltd. ※The above share percentage may change subject to pre-emption rights. GS Coal share will be up to 81.5%.|
|Operation||:||Open cut mine|
||:||12mil tons per year|
■Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “the Development of Local Communities and Industries”, “Establishing a Foundation for Comfortable and Enriching Lifestyles”.