Sojitz to sell Canadian copper mine stake company cites 'unstable operations, declining grade and increased risk of environmental liabilities' as reasons for withdrawal copper Canada mining
TOKYO - Japanese trading house Sojitz, which on Thursday reported record profit for the nine months to end-December, said it was selling its 12.5% stake in Canada's Gibraltar Mines.
Sojitz said net profit for the nine months ended December 31 surged 75% to a record 108.7-billion yen and it maintained its net profit forecast of 110-billion yen for the year to March 31. Prices of high-grade Newcastle thermal coal futures in Australia surged to all-time highs of above $400 per tonne last year, but they have eased by nearly 40% so far this year to $247 per tonne as of Wednesday.
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