<article><p class="lead">State-controlled Japan Bank for International Co-operation (JBIC) on 31 March agreed to loan up to $53mn for Japanese trading house Sojitz's unspecified coking coal projects in Australia.</p><p>Undisclosed private-sector finance companies will also provide loans for Sojitz's Australian assets, with the trading house expecting to receive around $89mn in total.</p><p>JBIC has supported Japanese firms to secure a stable coking coal supply since the country depends entirely on imports. JBIC will also invest in trading house <a href="https://direct.argusmedia.com/newsandanalysis/article/2194434">Itochu's</a> Longview coking coal mine project in the US.</p><p>But Sojitz has set a <a href="https://direct.argusmedia.com/newsandanalysis/article/2193173">goal</a> to withdraw completely from coking coal projects by 2050 as a part of its sustainability policies. The company also aims to exit the thermal coal and oil businesses by 2030.</p><p>Sojitz sold its 10pc stake in Australia's <a href="https://direct.argusmedia.com/newsandanalysis/article/2091611">Moolarben coal mine</a> in March 2020.</p><p>Japan imported 63.3mn t of coking coal in 2020, down by 8.8pc from 2019, according to the finance ministry.</p><p class="bylines">By Nanami Oki</p></article>
