Itochu to exit thermal coal business, sell stakes in mines by March 2024

Japanese trading house Itochu said on Wednesday it plans to exit the thermal coal business, selling its stakes in mines in Columbia and Australia by March 2024 as it aims to promote decarbonisation.

Itochu's statement was the first confirmation from the company that it would completely withdraw from thermal coal business. It had previously said it would not invest in new stakes in thermal coal mines.

The move comes as other Japanese trading houses, including Mitsubishi, offload thermal coal assets on growing concerns about the fuel's environmental impact.