Photo: Whitehaven Coal
Australian miner Whitehaven Coal has entered into separate deals with Japan’s Nippon Steel and JFE Steel for the sale of a joint venture interest of 20% and 10%, respectively, in its Blackwater coal mine in Queensland.
The transactions total US$1.08 billion, and are expected to close in the first quarter of 2025.
“We look forward to working with our new partners as we continue to unlock opportunities at the operation,” said Whitehaven CEO and Managing Director Paul Flynn.
“As long-term customers of Blackwater, their co-investment reflects the importance of Blackwater metallurgical coal in the seaborne market. The formation of this joint venture with such high quality participants validates the asset purchase by Whitehaven, the coal quality and Whitehaven’s plans as the operator of Blackwater.”
As part of the joint venture terms, Whitehaven has also entered into separate offtake agreements with Nippon and JFE, which include market-based pricing mechanisms.
Blackwater is one of the largest producing metallurgical coal mines in Queensland.
Source: Whitehaven Coal