BHP, Mitsubishi to Invest $4.2 Bln in Australia Coal Expansion

Reuters reported that a joint venture between BHP Billiton (NYSE:BHP) and Mitsubishi Corp (NYSE:MTU) will invest in the expansion of coal mining in Australia.

As quoted in the market news:

The project initially will add 8 million tonnes per year capacity in exports of metallurgical coal used in making steel, with an expectation of a rapid, low-cost expansion to 10 million tonnes per year, BHP said.

Click here to read the full Reuters report.