-- (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
<BR /><BR />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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