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Energy and Natural Resource Finance for Acquiring Interest in Grande Cache Coal Mine in Canada
Contributing to Securing Energy Resources and their Stable Supply to Japan

  • Region: North America
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2011-86
March 30, 2012
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1signed today a loan agreement totaling up to 169.4 million U.S. dollars (JBIC portion) with Marubeni Corporation (Marubeni). The loan, cofinanced with private financial institutions, is extended to promote a transaction with a view to securing and developing energy and natural resources.
     
  2. The loan is extended to Marubeni Coal Canada Ltd for its acquisition of 40% of equity shares in Grande Cache Coal Corporation, which holds the Grande Cache Coal Mine currently under operation in Canada. The mine, located in Grande Cache in Alberta, produces coking coal (as well as minor amount of thermal coal) from both opencut and underground pits. The production capacity of the mine is expected to increase from 1.7 million tons per year in 2012 to 3.6 million tons per year by 2016. The coking coal produced will be supplied to Japanese blast furnace steel makers and coke manufactures over the long term.
     
  3. Since there are scarce reserves of coking coal, an indispensable raw material for making steel, across the world, it poses a challenge to secure its necessary amount at an appropriate price. To date, the coking coal produced in the Grande Cache Coal Mine has been supplied to blast furnace steel makers and coke manufacturers primarily in Japan, but in Asia and Europe as well. With the prospect of increased coking coal production from the mine, there is a plan to increase its supply to Japan. Thus the transaction has a major significance in securing a stable supply of coking coal to Japan.
     
  4. JBIC will actively support further development and acquisition of energy resources and mineral resources by Japanese companies.
     
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).

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