Champion Iron announced on Thursday that Japanese steelmaker Nippon Steel and trading house Sojitz will acquire a 49% stake in its Kami iron ore project in Canada for C$245 million. Nippon and Sojitz will hold a 30% and 19% stake respectively in the project, sharing development and construction costs. Champion expects to receive up to C$490 million in future contributions from the partners. The investment will help Nippon Steel secure a stable supply of direct reduction iron ore for its high-grade steel production.
Australia’s Champion Iron said on Thursday Japanese steel maker Nippon Steel and trading house Sojitz will buy a 49% stake in the company’s Kami project in Canada for C$245 million .
Nippon, Japan’s largest and the world’s No. 4 steel maker, is looking to optimize its supply chain from Kami, the company’s Managing Executive Officer Ryuichi Nagai said. Nippon will invest C$150 million for its stake in Kami, while incurring about C$1.16 billion in development costs by the project’s completion, the company said in a statement. The costs will be subject to investor approval of the project’s development and the results of a future feasibility study, it added.
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