Japanese trading house Marubeni has increased its stakes in two Australian coal mine projects to bolster coal supply for steelmaking, the company said today.
Marubeni purchased an additional 4.7pc interest each in the Jellinbah East and Lake Vermont steelmaking coal mine projects from Queensland-based investment firm Zashvin. The transaction brings Marubeni's total interest in each project to 43pc and 38pc, respectively, it said.
The expanded investment will boost Marubeni's overall equity coking coal output by 700,000 t/yr, bringing its total output to 6.7mn t/yr, a company representative told Argus. The company declined to disclose the breakdown by project.
Marubeni will supply coking coal offtakes from the two mines to Japan, India and the domestic Australian market. It will adjust delivery volumes based on regional demand, the representative said.
