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Sojitz to sell out stake in BAU thermal coal mine in Indonesia

Coal News - Published on Mon, 18 Mar 2019

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Compelo reported that Japan's Sojitz has decided to exit the producing BAU thermal coal mine in Indonesia in a move to distance itself from thermal coal investments. In this connection, Sojitz has entered into a deal with an undisclosed buyer to sell its entire stake of 30% in Bara Alam Utama, the owner and operator of the BAU thermal coal mine. The Japanese company didn’t disclose the financial terms of the deal as well.

The sub-bituminous thermal coal mine, which is located in the Merapi Barat district in South Sumatra, has been producing since January 2011.

Sojitz, in a statement, said that “This strategic share sale furthers Sojitz’s shift away from thermal coal investments as the company continues to rebalance its coal assets in light of rising global concern for the environment and long-term business sustainability. Following the sale, Sojitz will continue to serve as BAU’s exclusive sales agent in Japan and continue to provide a stable supply of coal to the Japanese market.”

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Posted By : Rabi Wangkhem on Mon, 18 Mar 2019
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