Sojitz Corporation ("Sojitz") has entered into an agreement to transfer all of its interests in the Gregory Crinum Coal Mine business in Queensland, Australia, in which Sojitz holds a 100% interest through its fully owned subsidiary, Sojitz Development Pty. Ltd., and other entities. The transfer is subject to satisfaction of a number of conditions precedent, including approvals from the relevant authorities.
Sojitz is transforming its portfolio to strengthen its growth foundation. As part of its structural reform, this transfer is being carried out in line with its policy to divest the majority of its Australian metallurgical coal businesses.
In light of the long-term, irreversible shift towards decarbonization, Sojitz has made a commitment to divest all of its coking coal interests by 2050 in accordance with the company's long-term sustainability vision for 2050.
Moving forward, Sojitz will continue to strengthen its growth foundation to realize sustainable growth and increase corporate value.