The company is buying Mitsubishi Development's 10% interest in the Ulan coal operation in New South Wales to take full ownership of it and also upping its stake in the Clermont operation in a separate transaction.

At Ulan the Glencore-Mitsubishi joint venture will come to an end with Glencore buying out Mitsubishi's stake for $130 million.

Glencore will continue to manage the Ulan operation.

Clermont, in Queensland, is owned by the Clermont Joint Venture made up of GS Coal (50.1%), Mitsubishi Development (31.4%), J-Power Australia (15%) and JCD Australia (3.5%).

GS Coal is a 50:50 joint venture between Glencore and Sumitomo.

It is looking to buy up to 100% of Mitsubishi's stake in Clermont.

If GS Coal gets the full stake its interest in the operation will grow to 81.5%.

That is, however, subject to existing shareholder pre-emption rights.

Glencore will continue to manage Clermont.

Both Clermont and Ulan produce high quality thermal coal that is predominantly sold to Asian customers.

Mitsubishi said the sales were part of its strategy to optimise its asset portfolio.