Itochu Pays $1.5B For Piece Of Colombian Coal Project

Law360, New York (June 16, 2011, 12:44 PM EDT) -- Japanese trading firm Itochu Corp. said Thursday it had struck a $1.52 billion deal to buy a 20 percent stake in a Colombian coal venture operated by Birmingham, Ala.-based Drummond Co. Inc.

Itochu made the move as part of its goal to more than double its share in global coal mining operations and further meet grown demand for quality thermal coal in Asia. The firm hopes to up its current level of production from 8 million metric tons per year to 20 million metric tons by...
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