Mitsubishi Corporation Announces Opening of Daunia Coal Mine in Australia
Tokyo, Sept 4, 2013 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased
to announce the opening of the Daunia Coal Mine in Queensland, Australia. The
mine is run by BHP Billiton Mitsubishi Alliance (BMA), a 50/50 joint venture
between resource major BHP Billiton and Mitsubishi Development Pty Ltd (MDP), a
wholly-owned mining subsidiary of MC incorporated in Australia.
MC approved development of the Daunia mine in March 2011. Daunia has a
mine-life of about 30 years with a production capacity of 4.5 million tonnes
per annum. This coal mine is also notable because existing rail and port
infrastructure can be utilized, thereby allowing for greater cost and capital
efficiency. Daunia's low stripping volume (topsoil and overburden removed
in order to reach the coal seam) also contributes to its cost competitiveness.
Furthermore, the potential for expansion at Daunia provides an opportunity for
MC to continue growing the scale of BMA's business.
Consistent with the "New Strategic Direction", MC's corporate
strategy released in May 2013, the company aims to double attributable equity
production in its metallurgical coal business by circa 2020, through a focus on
increasing productivity and expanding volumes at our existing mines.
MC aims to further enlarge BMA assets held by MDP and to enhance the reliable
supply of metallurgical coal through BMA in order to respond to prospective
increases in global metallurgical coal demand, including Japan, over the medium
to long term.
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.
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