By Kosaku Narioka
Mitsui & Co. said Friday that it decided to sell its 20% stake in an Australian coking-coal business to Stanmore Resources Ltd. for US$380 million.
Stanmore already owned an 80% stake in the business.
The Japanese trading company said the sale of its stake in Stanmore SMC Pty Ltd. is expected to be completed by the end of its fiscal year ending March 2023.
Mitsui said it would book a gain from the sale, which hasn't been factored in to its fiscal-year earnings forecasts issued on May 2.
Write to Kosaku Narioka at email@example.com
(END) Dow Jones Newswires
August 11, 2022 20:31 ET (00:31 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.