Nippon, Japan’s largest steelmaker, is looking to optimize its supply chain from Kami, with a long mine life, the company’s managing executive officer Ryuichi Nagai said.
However, Champion will retain operatorship of the project and oversee potential developments and future operations.
Nippon will invest C$150 million ($103.84 million) for their stake in Kami, while incurring about C$1.16 billion in development costs by the project’s completion, with the costs subject to investor approval of the project’s development and the results of a future feasibility study, the company said in a statement.
($1 = 1.6077 Australian dollars)
($1 = 154.7000 yen)
($1 = 1.4445 Canadian dollars)
(By Nichiket Sunil; Editing by Alan Barona)
