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Report: Mitsui taps Nomura to sell half of JV stake in Anglo's Dawson coal mine


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Report: Mitsui taps Nomura to sell half of JV stake in Anglo's Dawson coal mine

Japan's Mitsui & Co. Ltd. has reportedly hired Nomura's head of natural resources Rob Bailey to sell about half of its 49% joint venture stake in the Dawson coal complex in Queensland, Australia, The Australian Financial Review's Street Talk revealed June 8.

This comes after joint venture partner Anglo American Plc decided against selling the asset when bids failed to reflect the value expectations of the company.

The rehabilitation liabilities attached with the asset were among the issues for the prospective buyers.

According to the publication, Bailey is expected to go back to the same buyers who earlier expressed interest in the asset.

The open cut Dawson mine produced between 4.3 million and 4.6 million tonnes in the past two years and has a 12-year reserve life.

Meanwhile, South African miner Exxaro Resources Ltd. is speeding up the sale process for its 50% stake in the Moranbah South coking coal project, also a joint venture with Anglo American.

The transaction will be dependent on Anglo American's plans for the tenement as the global mining major can create synergies with its nearby Moranbah North and Grosvenor coking coal mines while having first rights on Exxaro's stake.