Japan’s biggest trading house, Mitsubishi, has engaged Rothschild to sell its minority stake in Queensland’s Clermont mine, Bloomberg news reports.
The coal mine, one of the Australia’s largest, is operated by Glencore and produces an annual 12 million metric tons of thermal coal, mainly for export through the Dalrymple Bay terminal. Mitsubishi currently has a 31.4% holding.
The Japanese heavyweight has previously said that it is looking to focus more on its non-resources operations, which include automobiles, agricultural equipment and industrial finance.
According to Bloomberg, it will be seeking expressions of interest in its stake in the mine “shortly.”