- Media release: Clayton Utz advises Mitsui on the disposal of its interests in the BHP Mitsui Coal (BMC) Joint Venture
Media release: Clayton Utz advises Mitsui on the disposal of its interests in the BHP Mitsui Coal (BMC) Joint Venture
12 Aug 2022
Time to read: 1 MIN
Led by Hiroyuki Kano, Co-Head of the Japan Practice, and Stuart MacGregor, National Energy & Resources Leader, together with special counsel, Shigeki Yamaura, and senior associate, Tristan Appleby, the Clayton Utz team advised Japanese trading house, Mitsui & Co., Ltd., and its Australian subsidiary, Mitsui & Co. (Australia) Ltd (together Mitsui) in respect of the divestment of their 20 per cent interest in Stanmore SMC Pty Ltd, formerly known as the BHP Mitsui Coal joint venture (BMC), a metallurgical coal joint venture in Queensland.
Commenting on our involvement, Hiroyuki and Stuart said:
"We warmly congratulate our long-standing client, Mitsui, on this historic divestment and as it looks to the next phase of its strategic investments in Australia and beyond."
While in a modern context we think of Australia and Japan as having strong, long-running business ties – and, of course, we are particularly close strategic allies in the commodities sector – Mitsui’s investment in BMC in the early 1960s was the first major investment by a Japanese company into the Australian coal mining sector.
Mitsui will continue to play a major role in the further development of Australia’s mining and energy sector through its other significant investments in Australia.”
BMC is a metallurgical coal joint venture in Queensland between Stanmore Resources (80 per cent interest) and Mitsui (20 per cent interest), and is comprised of metallurgical coal assets including Poitrel and South Walker Creek mines in Queensland.
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Head of Corporate Affairs
12/08/2022 7:00:00 AM
Corporate / M&A
Energy and Resources
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