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Energy and Natural Resource Financing for Acquiring Interest in Isaac Plains Coal Mine in Australia
Contributing to Securing Energy Resources and Stable Supply to Japan

  • Region: Oceania
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2012-42
August 29, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed two loan agreements for financing acquisition of interests in Isaac Plains coal mine: the one totaling up to 147 million Australian dollars (JBIC portion) with Sumisho Coal Australia Pty Limited (SCAP), an Australian subsidiary of Sumitomo Corporation (SC); and the other totaling up to about 150 million U.S. dollars (JBIC portion) with SC.*1  The former loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mizuho Corporate Bank, whereas the latter loan is cofinanced with Sumitomo Mitsui Banking Corporation, with respective overall cofinancing amounts adding up to 210 million Australian dollars and the equivalent of 250 million Australian dollars.
     
  2. These loans will fund SC to acquire interest in Isaac Plains Coal Mine (the “Mine”) in Bowen Basin, Queensland, Australia through its Australian subsidiary.*2 The Mine produces coking coal and thermal coal in open cut, and since its operations started at the end of 2006, its output has been continuously delivered to mainly Japanese steel mills. In the wake of the acquisition of an interest in the Mine by SC, the volume of coking coal and thermal coal to be delivered to Japanese firms is expected to increase in the future. 
     
  3. The amount of coking coal reserves is limited on the global level, even if it is an essential raw material for making steel. Thus, it is a challenge to secure the necessary amounts at fair prices. In those circumstances, coking coal produced in the Mine is expected to contribute to a reduction in the use of high-priced hard coking coal, thereby contributing to reducing steel-making costs for Japanese steel mills.
     
  4. JBIC will actively support further development and acquisition of energy resources and mineral resources by Japanese companies.
Note
  1. *1 Although JBIC signed a loan agreement with SCAP on August 24, this Press Release was issued in timing with the signing of a loan agreement with SC today.
  2. *2 The subsidiary referred to here is Ocean Coal Mining Pty Limited, which is an indirect wholly-owned subsidiary of SC.
  3.  

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