Latest news with #DFS
Cision Canada
3 days ago
- Business
- Cision Canada
CHAMPION IRON ENTERS INTO A DEFINITIVE AGREEMENT WITH NIPPON STEEL AND SOJITZ TO FORM A PARTNERSHIP FOR THE KAMI PROJECT Français
MONTRÉAL, July 21, 2025 /CNW/ - SYDNEY, July 22, 2025 - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) ("Champion" or the "Company") announces that it has entered into a definitive framework agreement (the "Framework Agreement") with Nippon Steel Corporation ("Nippon Steel") and Sojitz Corporation ("Sojitz", and collectively with Nippon Steel, the "Partners") pursuant to which the Partners have agreed, subject to the terms and conditions set forth therein, to initially contribute $245 million for an aggregate 49% interest in Kami Iron Mine Partnership (the "Partnership"), a new entity formed for the ownership and potential development of the Kamistiatusset iron ore project (the "Kami Project" or the "Project"). The Framework Agreement is entered into to implement the binding agreement between Champion and the Partners previously announced by the Company in December 2024. Champion's CEO, Mr. David Cataford, said, "The Framework Agreement marks a significant milestone for the Kami Project, establishing a clear structure to advance its evaluation alongside trusted partners who share our long-term vision for the growing demand for high-purity iron ore and our commitment to positively impact the communities where we operate. Supported by anticipated proceeds and the Partners' pro-rata contributions of future expenditures, the Partnership will enable us to advance the Project without impacting our financial liquidity in the foreseeable future. As we move forward, our focus will shift to identifying opportunities to enhance the Project's economics while remaining committed to our disciplined capital allocation strategy." The Framework Agreement provides that the closing of the transactions set forth therein (collectively, the "Transactions") will occur in two steps. The completion of the initial closing of the Transactions (the "Initial Closing") is subject to the clearance from the State Administration for Market Regulation of the People's Republic of China, as well as other customary closing conditions. The Initial Closing is expected to occur during the second half of calendar 2025. Upon the Initial Closing, Nippon Steel and Sojitz will make their initial cash contributions to the Partnership in an aggregate amount of $68.6 million, to secure their interests in the Partnership, and are expected to make further contributions on a pro-rata basis for expenses necessary to advance the Kami Project towards a potential interim investment decision ("IID") and, ultimately, a potential final investment decision ("FID"). Such expenses will relate to activities including the advancement of permitting, community engagement and the completion of a definitive feasibility study for the Kami Project (the "DFS"). The DFS is expected to be completed by the end of calendar 2026. Following the Initial Closing, Champion will hold a 51% equity interest in the Partnership and Nippon Steel and Sojitz will hold minority positions of 30% and 19%, respectively. The completion of the second closing of the Transactions (the "Second Closing") is subject to the Initial Closing having occurred, the completion of the DFS, the making by Champion and the Partners of a positive IID election to pursue work towards a FID, as well as other customary closing conditions. The Second Closing is expected to occur within several months of the completion of the DFS. Upon the Second Closing, Nippon Steel and Sojitz will make subsequent contributions to the Partnership in the aggregate amount of $176.4 million, to finalize securing their interests in the Partnership, and are expected to make further contributions on a pro-rata basis for expenses necessary to advance the Kami Project towards a potential FID. The Kami Project potential construction period is estimated at 48-months following a positive FID. At the Initial Closing, Champion and the Partners will, via their wholly-owned subsidiaries, enter into a partnership agreement with respect to the Partnership (the "Partnership Agreement"). Pursuant to the Partnership Agreement, all costs associated with the Kami Project will be shared by Champion and the Partners on pro-rata basis. Nippon Steel and Sojitz will be entitled to an allocation of the iron ore volumes produced from Kami in accordance with their proportional ownership in the Kami Project. Additionally, the Partnership Agreement will provide for potential future payments to Champion based on the Kami Project's financial performance if and when it operates. Champion will retain operatorship of the Kami Project and will oversee its potential development and future operations. In addition to dilution, exit rights, veto rights and other rights and obligations customary for a transaction of such nature, the Partnership Agreement will also include "put options" and "call options" exercisable under certain conditions by the Partners and by Champion, as applicable, in the event any of those parties makes a negative IID or FID election. In the event those "put options" or "call options" are exercised, Champion will have the obligation to acquire the Partnership interest of the relevant Partner in accordance with the terms of the Partnership Agreement, which will take into account several elements, including the expenditures contributed by the Partners. The Partnership will be governed by a management committee comprised of six members, with Champion and each of the Partners nominating two members. In recent months, Champion advanced the recently initiated Environmental Impact Statement, as required by the Government of Newfoundland and Labrador. In the near term, the Company will also continue to engage with local stakeholders, including Indigenous groups, to foster collaborative development and to ensure the Kami Project has a positive impact for the region. Additionally, the Company will pursue discussions with governments at various levels, including seeking potential support stemming from the recent addition of high-purity iron ore to the critical minerals lists of the Government of Canada, as well as those of Newfoundland and Labrador and Québec, and evaluate opportunities to improve the Kami Project's economics. Concurrently, the Partnership will work towards completing the DFS. About the Kami Project On April 1, 2021, the Company acquired the Kami Project mining properties located in the Labrador Trough geological belt in southwestern Newfoundland, near Québec's eastern border. The Kami Project is a Direct Reduction ("DR") grade quality iron ore project situated near available infrastructure, only a few kilometres south-east of the Company's operating Bloom Lake mine. On March 14, 2024, the Company voluntarily filed a technical report with respect to the Kami Project (the "Kami Project Study") prepared pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects and Chapter 5 of the ASX Listing Rules and entitled "Pre-Feasibility Study for the Kamistiatusset ("Kami") Iron Ore Property", which evaluated the construction of mining and processing facilities to produce DR grade pellet feed iron ore from the Kami Project. The Kami Project Study details a 25-year life of mine with average annual DR quality iron ore concentrate production of approximately 9.0 million wet metric tonnes per annum grading above 67.5% Fe. The Kami Project benefits from the permitting work completed by its previous owner and has an estimated construction period of approximately 48 months following a FID. As detailed in the Kami Project Study, the capital expenditures were estimated at $3,864 million, resulting in a Net Present Value ("NPV") of $541 million and an Internal Rate of Return ("IRR") of 9.8% after tax, based on conservative pricing dynamics compared to prevailing iron ore prices, or an NPV of $2,195 million and an IRR of 14.8% after tax, based on the three calendar years' average of the P65 index price which preceded the Kami Project Study. The Kami Project Study is available under the Company's profile on SEDAR+ at the ASX at and on the Company's website at About Nippon Steel Corporation Nippon Steel is one of the world's leading steel steelmakers and Japan's largest steelmaker. Nippon Steel has a global crude steel production capacity of approximately 86 million tonnes and employs approximately 136,000 people in the world. Nippon Steel's manufacturing base encompasses more than 15 countries including: Japan United States, India, Thailand, Indonesia, Vietnam, Brazil, Mexico, Sweden and others. As the 'Best Steelmaker with World-Leading Capabilities', Nippon Steel pursues world-leading technologies and manufacturing capabilities and contributes to society by providing excellent products and services. Nippon Steel has been an active customer of Champion since the recommissioning of the Bloom Lake mine in 2018. About Sojitz Corporation Sojitz was formed out the union of Nichimen Corporation and Nissho Iwai Corporation, both companies that boast incredibly long histories. For more than 160 years, our business has helped support the development of countless countries. Today, the Sojitz group consists of approximately 400 subsidiaries and affiliates located in Japan and throughout the world, developing wide-ranging general trading company operations globally. Sojitz has acted as a marketing partner for Champion since the recommissioning of the Bloom Lake mine in 2018. About Champion Iron Limited Champion, through its wholly-owned subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex located on the south end of the Labrador Trough, approximately 13 kilometres north of Fermont, Québec. Bloom Lake is an open-pit operation with two concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15M wmt per year that produce lower contaminant high-grade 66.2% Fe iron ore concentrate with a proven ability to produce a 67.5% Fe direct reduction quality iron ore concentrate. Benefiting from one of the highest purity resources globally, Champion is investing to upgrade half of Bloom Lake's mine capacity to a direct reduction quality pellet feed iron ore with up to 69% Fe. Bloom Lake's high-grade and lower contaminant iron ore products have attracted a premium to the Platts IODEX 62% Fe iron ore benchmark. Champion ships iron ore concentrate from Bloom Lake by rail, to a ship loading port in Sept-Îles, Québec, and has delivered its iron ore concentrate globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada. In addition to Bloom Lake, Champion owns a portfolio of exploration and development projects in the Labrador Trough, including the Kami Project, located a few kilometres south-east of Bloom Lake, and the Cluster II portfolio of properties, located within 60 kilometres south of Bloom Lake. Forward-Looking Statements This press release contains certain information and statements which constitute "forward-looking information" within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "aims" "targets" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. Specific Forward-Looking Statements All statements in this press release, other than statements of historical facts, that address future events, developments or performance that Champion expects to occur are forward-looking statements. These statements may include, but are not limited to, management's expectations regarding: the completion of the transactions contemplated by the Framework Agreement and its timing; the Partnership and Project structure and financing, IID and FID; the completion of the DFS and its timing; the timing and ability of the Partnership to obtain permits and authorizations needed to begin the construction and operations at the Project; the timing and ability to reach a construction decision; the timing and duration of the construction period; the ability of Champion to realize on the benefits of the Transactions; the ability and timing for the parties to fund cash calls to advance the development of the Project; the Kami Project Study, the Project's potential to produce a DR grade product, expected project timeline, economics, capital expenditures, budget and financing, production and financial metrics, technical parameters, permitting and approvals, available and planned infrastructure, efficiencies and economic and other benefits, and opportunities to improve project economics; and the Company's growth and opportunities generally. Risks Although Champion believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve known and unknown risks, uncertainties and other factors, most of which are beyond the control of the Company, which may cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause the actual results to differ materially from those expressed in or implied by forward-looking statements include, without limitation: future prices of iron ore; future transportation costs; general economic, competitive, political and social uncertainties; continued availability of capital and financing and general economic, market or business conditions; timing and uncertainty of industry shift to electric arc furnaces, impacting demand for high-grade feed; failure of plant, equipment or processes to operate as anticipated; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; the results of feasibility and other studies; changes in the assumptions used to prepare feasibility and other studies; project delays; geopolitical events; the effects of catastrophes and public health crises on the global economy, the iron ore market and Champion's operations; as well as those factors discussed in the section entitled "Risk Factors" of the Company's 2025 Annual Report and Annual Information Form, the risks and uncertainties discussed in the Company's management's discussion and analysis for the financial year ended March 31, 2025 and the risks discussed in other reports Champion files with the Canadian Securities Administrators and the Australian Securities Exchange, all of which are available on SEDAR+ at the ASX at and on the Company's website at There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Additional Updates The forward-looking statements in this press release are based on assumptions management believes to be reasonable and speak only as of the date of this press release or as of the date or dates specified in such statements. Champion undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Champion cautions that the foregoing list of risks and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risks they entail. Qualified Person Mr. Vincent Blanchet, P. Eng., Engineer at Quebec Iron Ore Inc., the Company's subsidiary, is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and approved, or has prepared, as applicable, the disclosure of the scientific and technical information contained in this press release and has confirmed that the relevant information is an accurate representation of the available data and studies for the relevant projects. Mr. Blanchet is a member of the Ordre des ingénieurs du Québec. For additional information on Champion Iron Limited, please visit our website at: All references to dollars expressed in Canadian currency. This press release has been authorized for release to the market by the CEO of Champion Iron Limited, David Cataford. SOURCE Champion Iron Limited
Mint
4 days ago
- Business
- Mint
Credit score no longer a barrier? ULI aims to simplify and speed up lending
In a major shift that could result in transforming the country's credit ecosystem, the Ministry of Finance is gearing up to roll out the Unified Lending Interface (ULI). This will be a new digital lending system that could eliminate the need for traditional credit score checks before sanctioning personal loans or credit cards, reported NDTV. The move is spearheaded by the Department of Financial Services (DFS), it aims to create a more inclusive, transparent and seamless lending ecosystem by integrating data, policy and technology. ULI is conceptualised to streamline the loan approval and application process. Thus making credit accessible to a broader segment of the masses, including but not limited to small businesses, farmers and those lacking a strong credit score. Currently lending institutions rely heavily on credit bureaus such as CIBIL, CRIF High Mark, Equifax among others to assess an applicant's repayment ability. Still with ULI lenders will be able to evaluate creditworthiness using alternative data such as utility payments, GST returns and other similar government records making it a clear game-changer for underserved aspirational borrowers. The Finance Ministry recently confirmed that top officials from DFS, RBI and various government departments met to improvise and accelerate ULI's nationwide implementation. Financial institutions have been asked to review adoption progress on a monthly basis, and those yet to join the ULI network have been urged to act in swift fashion. Consent based data sharing. This ensures transparency and privacy. Standardised APIs permit seamless integration across lending platforms. Evaluation of non-traditional financial behaviour, boosts credit availability for underserved segments. Lower operational costs, streamlines backend processes for lending institutions. If executed in seamless fashion and successfully, ULI could significantly bring down the dependency on credit scores, boost transparency and extend formal credit to segments earlier considered unbankable. For aspirational borrowers, this means easier, faster access to personal loans, without the stress of a low or nearly no credit history. As the nation's fintech sector continues to evolve and grow, ULI could prove to be the most impactful credit innovation yet, redefining how risk assessment is carried out in the lending ecosystem.
NDTV
6 days ago
- Business
- NDTV
No More CIBIL Checks? New Credit Initiative Promises Faster Loans, Wider Access
The process of checking CIBIL scores before approving loans may soon change. The Department of Financial Services (DFS), under the Ministry of Finance, is working to scale up the Unified Lending Interface (ULI), a new digital lending system that could reduce reliance on traditional credit scores. Currently, banks and financial institutions primarily depend on Credit Information Bureau (India) Limited (CIBIL) scores to assess an applicant's creditworthiness. However, with ULI, the aim is to create a more streamlined and inclusive lending process. To ensure faster implementation, the DFS has instructed all financial institutions to review ULI adoption on a monthly basis. Those that haven't yet joined the system have been told to take immediate steps in that direction. According to an statement issued by the Ministry of Finance, on June 23, DFS Secretary M Nagaraju and Reserve Bank of India officials met with representatives from various central and state ministries to discuss the nationwide rollout of ULI. The goal is to make loan processing faster, more efficient, and less dependent on traditional credit bureaus. If implemented successfully, ULI could bring a major shift in how loans are approved in India, making the system more accessible to a wider range of borrowers. What is Unified Lending Interface (ULI)? According to the Ministry of Finance, the Unified Lending Interface is a digital platform designed to simplify lending processes by integrating technology, data, and policy. It enables lenders to access high-quality, verified data from government ministries and departments, facilitating faster and more inclusive credit delivery. Key Features of ULI Frictionless Credit Delivery: Streamlines loan disbursement processes, reducing time and effort required for credit appraisal. Consent-Based Data Sharing: Borrowers can grant lenders permission to access their financial and non-financial records, expediting loan processing. Standardised APIs: Enables seamless data exchange between financial institutions, eliminating extensive technical integration. Alternative Data Evaluation: Uses non-traditional data sources, such as utility bill payments and GST records, to assess creditworthiness. Benefits of ULI Increased Financial Inclusion: Brings rural borrowers and small businesses into the formal credit ecosystem. Improved Transparency: Promotes transparency in financial transactions, reducing fraud and inefficiencies. Reduced Loan Processing Costs: Automates and digitises the lending process, minimising paperwork and operational costs. Enhanced Credit Access: Simplifies the loan process for MSMEs and farmers, providing timely access to credit.
Indian Express
7 days ago
- Indian Express
Delhi schools receive bomb threat for fourth time in five days; search underway
Several schools in Delhi received a bomb threat email Friday, the fourth time in the last five days, promoting authorities to conduct searches on their premises. According to an official of the Delhi Fire Service (DFS), they received calls regarding a bomb threat from Richmond Global School in Rohini at 4.55 am, Abhinav Public School and The Sovereign School in Rohini at 8 am and 8.16 am, respectively. A senior police officer said more schools have received similar emails. The police, along with the bomb detection and disposal squads and DFS personnel, conducted a search operation but have so far failed to find anything suspicious on the premises. The schools were also vacated during the check. On Wednesday, seven schools, including St Thomas School in Dwarka, Vasant Valley in Vasant Kunj, Richmond Global School in Paschim, Mother's International in Hauz Khas and Sardar Patel Vidyalaya in Lodhi Estate, received bomb threat emails, which were later declared a hoax. In one case, the police apprehended a 12-year-old schoolboy who allegedly sent emails to a school and a college affiliated with the University of Delhi on Tuesday. The other incidents of email threats remain unsolved, as the police claim that they were sent through a Virtual Private Network (VPN), which is an encrypted connection over the internet. Another police officer said that legal action was being pursued, and the cyber units of the respective district police were conducting an inquiry into the bomb threats in their areas. Since May last year, several Delhi schools have been receiving bomb threats. More than 200 schools in the national capital received bomb threats on their official email IDs in May 2024. Similar threat emails were also sent to several hospitals, colleges, and the Delhi Airport. In May this year, the Udyog Bhawan office at the Central Secretariat received a bomb threat via email, triggering extensive checking that ultimately resulted in the building being declared safe. In June, a Delhi-bound Air India flight from Mumbai received a bomb threat after an airline crew member discovered a paper that said, 'Bomb in flight Air India 2948, Air India 171' written on it. However, checks by DFS and the Central Industrial Security Force (CISF) revealed the threat to be a hoax.
The Sun
17-07-2025
- Lifestyle
- The Sun
I transformed a rundown 3-bed caravan in two weeks – people ask why we'd give up a house but we'll save so much cash
A MUM has revealed how and why she's moving her family from a three-bed house to a caravan. Megan Sweeney, from the UK, took to social media, documenting how she transformed the old caravan into her home. 2 2 The mum-of-two said she had just two weeks to get the caravan in order before they moved in and people were stunned by the transformation. The giant static caravan had three bedrooms, a living room, kitchen and bathroom - making it pretty spacious. The living room had large glass doors to let in lots of natural light. The interiors of the caravan looked like they hadn't been touched in decades, so the pair got to work making it feel like home. In the clip, Megan said: "We have had two weeks in total to transform this caravan into a family home. And we have quite literally pulled it out the bag and I do not know how." She revealed that the couple spent hours repainting every single wall, ripping out carpet for vinyl flooring and spraying all of the wood furnishings down. The pair also got busy transforming the kitchen, painting the cupboards, switching out door handles and replacing the worktops. They also bought new furniture to make the space feel more homely including a massive corner sofa from DFS. Megan said the bedrooms weren't totally finished yet but she was thrilled with how far they had come. The final task was to add fencing outside of the caravan so that the dogs could roam free. I bought a dated caravan & turned it into my family's very own second home for £4.5k - now we holiday for just £10 a day Finishing the video, the mum said: "I am just so ready to bring my babies and my dogs here now. "I'm so excited to be able to call this gorgeous little place our home for the next nine months." Megan revealed that she had sold their previous house to buy their own land. Now, she and her family were planning to build their own house from scratch and were living in the caravan while planning took place. This meant they could save money on rent and mortgage costs. The clip quickly went viral on her TikTok account @ megannsweeneyy with over 154k views and 26k likes. People were quick to praise the mum for the transformation. One person wrote: "I mean it looks nice, but why give up a house for a caravan..." How much does it cost to live in a caravan? LIVING in a caravan can be an economical and flexible lifestyle choice in the UK. Here's a breakdown of potential costs: Initial Costs Caravan Purchase: £8,000 - £40,000 (depending on size, age, and condition) Caravan Insurance: £200 - £800 per year Ongoing Monthly Costs Pitch Fees: £150 - £600 (varies by location and facilities) Utilities (Electricity, Gas, Water): £40 - £120 Maintenance and Repairs: £20 - £80 Internet and TV: £20 - £50 Gas for Heating/Cooking: £15 - £40 Other Potential Costs Waste Disposal Fees: £8 - £25 Transport Costs (if moving locations): Variable, depending on distance Optional Add-ons (Awning, Solar Panels, etc.): £400 - £1,600 (one-time) Sample Monthly Budget Pitch Fees: £400 Utilities: £80 Maintenance and Repairs: £40 Internet and TV: £40 Gas for Heating/Cooking: £25 Total: £585 Annual Estimated Cost Total Monthly Costs: £585 x 12 = £7,020 Insurance: £500 Maintenance and Repairs: £480 Total Annual Cost: £8,000 Tips to Save Off-Peak Pitch Fees: Look for lower rates during off-peak seasons. DIY Maintenance: Handle minor repairs yourself. Energy Efficiency: Invest in solar panels to reduce utility costs. While initial setup costs can be significant, ongoing expenses for living in a caravan can be relatively low, making it a viable option for those seeking an affordable and mobile lifestyle in the UK. "Why not? Saves a fortune, less cleaning, plenty of space with a nice garden," replied one viewer. Another commented: "Oh my gosh I love this!! Looks STUNNING!!! Making me want to do it!! The amount we all spend on rent is unreal!!" "Is there anything you can't do?! Looks incredible," penned a third. Meanwhile a fourth said: "Okay, fine, I'll sell my house and move into a caravan again."
