The deal will offset net debt and help fund acquisition costs
Whitehaven Coal entered into binding agreements with Nippon Steel and JFE Steel to sell a 20% and 10% interest, respectively, in the Blackwater mine in Queensland, Australia, for an aggregated US$1.08 billion.Additionally, both companies entered into a long-term coal offtake agreement with Whitehaven, under which the Australian miner will supply steelmaking coal produced at Blackwater to Nippon and JFE.
With the investment, Nippon said it aims to secure a "stable supply of high-quality steelmaking coal that is essential to Nippon's carbon neutral strategy"."Improving the quality of coke input is important to achieve both CO2 reduction and stable-and-efficient pig iron production in the blast furnace hydrogen reduction process," Nippon said.Blackwater is one of Australia's largest coal mines, producing around 12-13Mtpa of ROM coal.
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