Mitsui is trying to seize on high coal prices and sell a cluster of Queensland assets, but government plans to raise royalties have put a stone in its shoe
The original Japanese investor in Australian coal, Mitsui, has launched a sale process for a collection of Queensland coal assets in an effort to trim its exposure to Australian mines for the second time in three years.
The timing of Mr Dick’s revelation is inconvenient for Mitsui, which has moved opportunistically to sell the Queensland assets at a time of very high coal prices. Stanmore agreed to pay $US1.2 billion before the Ukraine war began; a price that would suggest Mitsui’s 20 per cent stake is worth $US300 million.
Mitsui continues to have minority stakes in Queensland’s Kestrel coking coal mine and Anglo American’s troubled Moranbah North coking coal asset in Queensland.
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