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The Kami open-pit iron ore mine is located to the south of Labrador City and Wabush in the province of Newfoundland and Labrador. Credit: Stantec Australia’s Champion Iron said on Thursday Japanese firms Nippon Steel and Sojitz will take up a 49% stake for A$245 million in the company’s Kami project in Canada.
The Kami project will also receive up to A$490 million in contributions from Nippon and Sojitz, which will hold a 30% and 19% stake, respectively, in the project. 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 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.US graphite miners ask Washington to impose 920% tariff on Chinese rivals An existing tariff of 25% on most Chinese graphite is"far too low", the group representing US and Canadian graphite miners said.Coal demand to keep hitting records through 2027, IEA says The latest forecast from the IEA sees demand for coal rising to nearly 8.9 billion tons by 2027, about 1% higher than 2024 levels.
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