Press Release
Conclusion of Acquisition Contract for Stake in Integra Project
March 02, 2011
Chubu Electric Power Co.,Inc.
This is to report that Chubu Electric Power and Toyota Tsusho Corporation (below, Toyota Tsusho) have concluded a contract for Chubu Electric Power to acquire a stake in the Integra Project, an upstream coal business. This is Chubu Electric Power's first acquisition of an upstream coal interest, and we have established a wholly owned rights-holding company in Australia to take possession of the interest.
The Integra Project is a coal mining project located in New South Wales, Australia, with interests by Brazilian general resources enterprise Vale as well as Toyota Tsusho and several steel companies. The mine produces about 3.3 million tons annually of ordinary coal for power generation and coking coal and has reserves of about 70 - 80 million tons.
Through Chubu Electric Power Integra Pty Ltd, a rights-holding company established as our wholly owned subsidiary, Chubu Electric Power is acquiring a 5.95% production and sales interest in the project from two Toyota Tsusho wholly owned subsidiaries, Navidale Pty Ltd and Toyota Tsusho Coal Australia Pty Ltd. Chubu Electric Power expects to increase coal procurement stability and economy by taking part in this project.
By working with fuel procurement projects, Chubu Electric Power will continue aiming to step up our fuel procurement capacity and secure new sources of revenue.
[Overview of contract for acquisition of interest in the Integra Project]
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Seller |
Navidale Pty Ltd (wholly owned subsidiary of Toyota Tsusho) |
|---|---|
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Purchaser |
Chubu Electric Power Integra Pty Ltd (wholly owned subsidiary of Chubu Electric Power) |
|
Percentage interest acquired |
5.95% |
|
Summary |
|
[Overview of Integra Project]
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Location |
New South Wales, Australia |
|---|---|
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Production volume |
Approx. 3.3 million tons/year |
[Integra Coal Mine location]
