Once Japan's largest coal producer, Mitsui Mining - whose other debts exceeded assets by US$300 million - is one of three companies that have been earmarked to be the centrepiece of the Japanese government's financial revitalisation program devised last year. The other two are Kyushu Industrial Transportation Co and Dia Kensetsu Co.

If chosen, IRC will purchase all Mitsui debts owed to NEDO in excess of the pardoned US$511.4 million. However, IRC officials have remained tight-lipped on which company will be offered the assistance and a decision will only be made in early September.

NEDO is administered by Japan's Ministry of Economy, Trade and Industry.