Glencore Xstrata plc and Sumitomo Corp. will pay $1.02 billion for a stake in Australia’s third- largest thermal-coal mine as demand from power producers climbs.

The companies will acquire 50.1 percent of the Clermont mine in Queensland state from Rio Tinto Group, Tokyo-based Sumitomo said today in a statement. Each will own 25.05 percent, with Glencore operating the asset and marketing the production.

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