JBIC Backs Sumitomo's $445M Aussie Coal Buy-In

Law360, New York (August 29, 2012, 4:04 PM EDT) -- Japan's development bank on Wednesday announced a AU$297 million ($307 million) loan to Sumitomo Corp. to finance an investment in an Australian coking coal mine, the bank's second large commitment in two days to help Japan's steelmakers secure raw materials.

The Japanese government has an interest in helping companies secure coking coal at an “appropriate price” to keep down the costs of steel manufacturing, the Japan Bank for International Cooperation said in a statement.

JBIC will lend AU$150 million to Sumitomo and AU$147 million to Sumisho...
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