Tokyo, Nov 1, 2011 - (JCN Newswire) - Mitsubishi Corporation (MC) today approved a large-scale expansion project of BMA in Queensland, Australia. BMA is a 50/50 joint venture between BHP Billiton and Mitsubishi Development Pty Ltd (MDP), a wholly-owned Australian subsidiary of MC.
The project includes development of the Caval Ridge mine and expansion of the Peak Downs mine located in the northern Bowen Basin in Central Queensland. MC's share of the total investment amount is A$2.1 billion.
The Caval Ridge mine, a new open cut mine adjacent to the northern edge of the Peak Downs mine, will have the capacity to produce 5.5 million tonnes per annum (mtpa). The Peak Downs mine will expand production by 2.5 mtpa. The project will produce and export 8.9 mtpa of high quality metallurgical coal in total for approximately 60 years. The project has received all necessary regulatory approvals and first coal is expected in 2014.
In March 2011, MC approved other BMA expansion projects located in Queensland, Australia. The projects include development of the Daunia mine, Stage 3 expansion of BMA's wholly-owned Hay Point Coal Terminal, and the matching rail capacity. MC's share of the total investment amount was A$3.1 billion. The Daunia mine will have the capacity to produce 4.5 mtpa with first coal expected in 2013. Stage 3 expansion of the Hay Point Coal Terminal will increase capacity to 55 mtpa with first shipment expected in 2014. The 8.0 million tonnes of metallurgical coal produced at the Caval Ridge mine and the Peak Downs mine will be shipped via the Hay Point Coal Terminal.
MC aims to further enlarge assets held by MDP and to enhance the reliable supply of metallurgical coal through BMA in order to respond to the expected increase in global metallurgical coal demand in future.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Contact:
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705
Nov 1, 2011
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Joint Venture
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