Australia's Champion Iron secures $179.1 million from Nippon Steel, Sojitz for Canada project
July 22 (Reuters) - Australia's Champion Iron Ltd CIA.AX said on Tuesday Japan's Nippon Steel 5401.T and Sojitz Corp 2768.T will invest an initial C$245 million ($179.11 million) in its Kami iron ore project in Canada for an aggregate 49% interest.
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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