Mitsui looks Down Under to meet coal demand
Japanese trading house Mitsui announced plans to cooperate with Australian mining giant BHP Billiton to develop a coal mine in Australia. The mine would be used as an additional source of fuel for Japan's hungry steel industry. Mitsui plans to invest Yen 5.76 billion ($55 million) in the project. Located in Queensland, in eastern Australia, the mine is expected to produce 3 million tons of coal per annum, the bulk of which will be shipped to Japan. Mitsui will have a 20% share in the mine, while BHP Billiton will hold the remaining 80%.