Tokyo – Japan’s Nippon Steel and JFE Steel said on Thursday they will invest a total of $1.08 billion in a coal mine owned by Australian coal producer Whitehaven to secure a long-term supply of high-quality coking coal.
Nippon Steel will buy a 20% stake in the Blackwater coal mine for $720 million, while JFE Steel will invest $360 million for a 10% stake. The Blackwater mine is an open pit mine in Queensland on the east coast of Australia. It produces around 12 to 13 million tons of unmined coal annually.
