|  | 07/09/2010 |
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Sumitomo Corp. to Invest for Higher Coal Equity
Sumitomo Corporation's mineral resources division No.2 tries to get new resource equity mainly for coal. The division shifts the main target to coal for the resource investment after the firm realized 170 billion yen of major iron ore equity acquisition. The firm is in study to develop Australian major thermal coal project, Wandoan with potential 30 million tonnes of annual output. With the project, Sumitomo Corp.'s coal equity increases from current 5 million tonnes per year to 8 million tonnes level. The firm targets 10 million tonnes level through new investment in Russia and Mongol. The division tries to strengthen the profitability through wide activity mainly for steel making raw materials.
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 | Sumitomo Corp. to Invest for Higher Coal Equity
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