May 30, 2018 / 2:46 AM / 6 months ago

BHP-Mitsubishi JV to sell Australia coal mine to Japan's Sojitz

FILE PHOTO: BHP Billiton Chief Executive Andrew Mackenzie is silhouetted against a screen projecting the company's logo at a round table meeting with journalists in Tokyo, Japan June 5, 2017. REUTERS/Kim Kyung-Hoon/File Photo

(Reuters) - Global miner BHP Billiton (BHP.AX) said on Wednesday that its joint venture with a unit of Mitsubishi Corp (8058.T) would sell a coal mine in Queensland in Australia to Japan’s Sojitz Corp (2768.T) for A$100 million (56.5 million pounds).

The Gregory Crinum hard coking coal mine had ceased production by the end of 2015. BHP said its annual capacity was 6 million tonnes prior to that.

“(The BHP-Mitsubishi alliance) made the decision to sell the mine after a detailed review that concluded there is potential for another party to realise greater value (there),” BHP said in a statement.

BHP’s Australia-listed shares were 0.8 percent lower on Wednesday, in line with the broader market.

Reporting by Rushil Dutta in Bengaluru; Editing by Joseph Radford

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