According to The Australian Financial Review, the acquisition of BHP Billiton's Gregory Crinum mine has not fully satisfied Japanese trading house Sojitz, which will consider buying more Australian coking coal assets in the near future.
Speaking after his company agreed to pay a headline price of $100 million for Gregory Crinum, Sojitz Coal Mining managing director Cameron Vorias said more acquisitions in Queensland's coking coal heartland could follow.
"If the right opportunity came up we would certainly be keen to develop the business further," he said on Wednesday.
Sojitz has traditionally had a larger exposure to thermal coal, which is used in power generation, but has recently been seeking to grow its exposure to coking coal (used in steelmaking) in a bid to keep pace with the global trend toward decarbonisation.
The Gregory Crinum transaction ends years of marketing effort by BHP and its joint venture partner Mitsubishi. The pair first tried to sell the asset in 2013, floated it again to suitors in November 2016 and then again in late 2017.
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