[cpsnewswire] (Bloomberg) Sojitz to Expand Coal Trade 18% With Access to Mongolian Mine

Sojitz to Expand Coal Trade 18% With Access to Mongolian Mine

July 8 (Bloomberg) -- Sojitz Corp. will boost coal trading by about 18 percent after the Japanese trading company won an agreement from Prophecy Resource Corp. to market the fuel to China from a Mongolian mine.

Coal trading will rise to about 20 million metric tons a year in the year starting April 1, 2012, from 17 million tons, Yoshikazu Ichikawa, a spokesman for the Tokyo-based company, said today in a phone interview. Sojitz agreed to jointly market power station coal from its Canadian partner’s 208 million-ton Ulaan Ovoo coal deposit, according to a June 7 statement.

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The Japanese trader will start selling 250,000 tons of Mongolian coal in the year to March 2011, and 3 million tons two years later, Ichikawa said.

Itochu, Japan’s fourth-largest trading company by market value, invested in Winsway Coking Coal Holdings Ltd. in April to secure coal from Mongolia, the company said May 17.

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"Mogi" Munkhdul Badral

CPS International

Email: mogi@cpsinternational.mn

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CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.