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Mitsui Gets $259 Million Loan for Rio-led Kestrel Coal Mine

Feb. 27 (Bloomberg) -- Mitsui & Co, Japan’s second-largest commodity supplier and trader, borrowed $259 million from Japan Bank for International Cooperation to help develop the Kestrel coal mine in Australia, a joint venture with Rio Tinto Group.

The expansion will boost capacity at the mine by 63 percent to 6.5 million metric tons a year, the Tokyo-based bank said today in a statement.

Mitsui, which owns 20 percent of the Kestrel venture, has agreed to provide A$415 million ($444 million) of the total spending on the extension. The expansion may cost A$2.1 billion, Mitsui said Oct. 14

Mitsui forecast its attributable coal output may slide 4.5 percent to 8.5 million tons in the year ending March 31, according to the company’s Feb. 2 presentation.

To contact the reporter on this story: Yuriy Humber in Tokyo at yhumber@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net

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