INTERNATIONAL COAL NEWS

Baulk on Mitsui bail out

THE Industrial Revitalisation Corp of Japan (IRCJ) may do away with the Mitsui Mining bail out pl...

Staff Reporter

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An IRCJ spokesman said the assistance plan might be abandoned if Mitsui Mining is found to have concealed losses intentionally.

Just over a month ago IRCJ decided to lend a helping hand in the form of 171 billion yen to Mitsui, including its subsidiaries Mitsui Mining Coke, Mitsui Mining Logistics and Mitsui Coal Mining.

That rescue plan may now be put on ice after auditors found the company had much larger losses that it had originally reported to the IRCJ.

Mitsui Mining was formerly Japan's largest coal producer and has recently diversified into construction materials and machinery sales.

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