Nippon Steel, Sojitz to take 49% stake in Champion Iron's Canada project (updated)

Sojitz

18/12/2024 22:43

(Updates with details throughout)
       Dec 19 (Reuters) - Australia's Champion Iron  CIA.AX  said on Thursday Japanese firms
Nippon Steel  5401.T  and Sojitz  2768.T  will take up a 49% stake for A$245 million ($152.39
million) in the company's Kami project in Canada. 
    The Kami project will also receive up to A$490 million in contributions from Nippon and
Sojitz, which will hold a 30% and 19% stake, respectively, in the project. 
    Nippon, Japan's largest steelmaker, is looking to optimize its supply chain from Kami, with
a long mine life, the company's Managing Executive Officer Ryuichi Nagai said.
    However, Champion will retain operatorship of the project and oversee potential developments
and future operations.
    
($1 = 1.6077 Australian dollars)

 (Reporting by Nichiket Sunil in Bengaluru; Editing by Alan Barona)
 ((Nichiket.Sunil@thomsonreuters.com))