Working to meet Japan’s green energy goals, Itochu Corp. is selling its 20% stake in Drummond Co.’s Columbia coal operations, the Japan Times reports.
Itochu bought its stake in Drummond in 2011 for 126.5 billion yen and hopes to be out of the team by March of 2022. The Japanese trading house told Reuters it plans to sell its stake in Australian coal mines as well.
Japan has set a goal of net zero carbon dioxide emissions by 2050.
Before Itochu’s investment in 2011, Drummond Co. owned 100% of its Colombian coal mining and transportation assets. The Japanese firm invested $1.5 billion US for is 20 percent share.
Founded in 1935 in Birmingham, Drummond has mined coal in Colombia since 1995, exporting virtually all of the thermal coal to the Asian market.