Mitsubishi Corp. said Dec. 18 that it agreed to sell its 31.4% interest in the Clermont coal mine in Queensland, Australia, and 10% interest in the Ulan coal mine in New South Wales for A$750 million.

The Australian assets, held by wholly owned Mitsubishi unit Mitsubishi Development Pty. Ltd., are being divested as the company looks to "optimize its asset portfolio." Reuters said in a recent report that the move marks Mitsubishi's exit from thermal coal operations, though it retains coking coal assets.

GS Coal Pty Ltd., a 50/50 joint venture between Glencore PLC and Sumitomo Corp., will buy the Clermont mine stake; the companies each already own a 25.05% interest in the mine.

Mitsubishi started looking for potential buyers for its nonoperating interest in Clermont in June 2017.

Glencore unit Glencore Coal Pty. Ltd. will buy the 10% interest in Ulan; it already holds 90% of the mine.

The sales are expected to be complete in 2019, Mitsubishi added.