Sumitomo Corp. has agreed to sell its 12.5% stake in the Rolleston coal mine in Queensland, Australia, to Glencore. The sale will give Glencore full ownership of the mine.
The sale will be completed after the conditions have been satisfied.
Approvals to extend the life of Rolleston by 10 years to 2045 was approved in 2016. The operation is approved to produce up to 19 million metric tons per year (mt/y).
Back in May, Sumitomo announced its intention to shift away from coal. It said it would not pursue any new coal-fired generation business and would end all coal-fired power generation business in the late 2040s. It also said it would not make any additional investment in thermal coal mining interests and aim to achieve zero production from thermal coal mines by 2030.