Australia's Champion Iron secures $179.1 million from Nippon Steel, Sojitz for Canada project
The investment follows an agreement that the three companies entered into in December 2024 for the project, which Champion Iron acquired in 2021.
Following the initial closing, Champion will hold a 51% interest in the project, while Nippon Steel and Sojitz will have 30% and 19% stakes, respectively.
Nippon Steel, Japan's largest steelmaker, recently closed its $14.9 billion acquisition of U.S. Steel after an 18-month-long pursuit.
Champion expects the initial closing of the deal to occur in the second half of 2025.
Shares of Champion Iron rose as much as 4.6% to A$5.04 in early trade.
($1 = 1.3679 Canadian dollars)
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