Mitsubishi may sell stakes in Australia thermal coal mines

Tokyo

JAPANESE trading company Mitsubishi Corp may sell stakes in Australian thermal coal mines as it presses on with a switch to core assets such as coking coal after slumping to its first-ever annual loss last year, a spokesman said on Wednesday.

The Nikkei business daily reported earlier on Wednesday that Mitsubishi is looking to unload its 31.4 per cent stake in the Clermont mine, and may also sell its stake in the Hunter Valley operation. The firm plans to raise its stake in Canada's Montney shale gas field, the paper said, buying more shares from partner Japan Oil, Gas and Metals National Corp.