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BHP-Mitsubishi JV to sell Gregory Crinum coal mine to Sojitz for A$100M

BHP Billiton Group's and Mitsubishi Corp.'s joint venture in Australia, the BHP Billiton Mitsubishi Alliance, agreed to sell the Gregory Crinum hard coking coal project to Japan's Sojitz Corp. for A$100 million.

The Queensland-based mine was placed into care and maintenance in 2016, prior to which it had an annual capacity of 6 million tonnes, the alliance said May 30.

The site comprises the Crinum underground mine, Gregory open-cut mine, undeveloped coal resources and on-site infrastructure, including a coal handling and preparation plant, maintenance workshops and administration facilities.

The companies started preparations for a formal auction for the Gregory Crinum coal complex in August 2017.

Recently, BHP and the Queensland Treasury reached an "agreement in principle" over royalty payments of about A$329 million from coal exported from the state's Bowen Basin.