February 2024 Metallurgy Blog
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February 19, 2024
India’s largest steel producer wants a $1 billion stake in Australian coking coal mine
India’s largest steel producer wants a $1 billion stake in Australian coking coal mine
India’s largest steel producer JSW Steel Ltd is in talks with Australian mining company Whitehaven Coal for a $1 billion stake in its blackwater metallurgical coal mine. In January Whitehaven said that it was considering partnering with steel producers through a strategic joint venture that would entail a potential sell-down of around 20% of Blackwater to potential steel manufacturing partners. Whitehaven only recently acquired the Blackwater and Daunia mines from BHP group in a $4.1 billion deal last October, and the acquisition is expected to be completed this year in early April. On the other hand, JSW Steel is expecting a coking sample from the mine this month to check specifications. JSW Steel had been looking for coking coal assets overseas and currently the company imports coking coal from the U.S., Canada, Australia, and some grades from Russia. Learn more about this topic here. Learn more about this topic here.
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