(EnergyAsia, July 13 2012, Friday) — Japan’s Sumitomo Corp said it has purchased a 50% stake in a coal mine in Australia’s Queensland state for A$430 million from a subsidiary of local mining firm Aquila Resources Limited. (US$1=A$0.98).

Following the transaction, Sumitomo and Vale Australia, a subsidiary of the Brazilian mining giant, are equal owners of the Isaac Plains open-cut mine which annually produces 1.96 million tonnes of coking coal for steel production, and 840,000 tonnes of steam coal for electricity generation.

The mine, which started up in 2006, exports most of its output to Asia.

Apart from acquiring the rights to use railway and port infrastructure, Sumitomo has also agreed to a right to take up between 20% and 50% in the exploration rights of mining areas in Queensland currently owned by Aquila.

The Japanese firm said it plans to continue acquiring “valuable assets in resources industries” to sustain its long-term growth.