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Nippon Steel Acquires Interests in Foxleigh Coal Mine
Aug. 6, 2010 Nippon Steel Corp. has acquired from Itochu Corp. the whole of 10% interests in the Foxleigh Coal Mine joint venture (JV) in Queensland, Australia, held through its Australian subsidiary.
The Foxleigh Coal Mine began operation in 2000 and currently produces about 2.5 million tonnes per annum of high-quality metallurgical coal for PCI (pulverized coal injection). The JV had been operated by the respective subsidiaries of Anglo American, Posco, and Itochu.
Nippon Steel’s acquisition of interests has been conducted by its consolidated subsidiary, Nippon Steel Australia Pty. Ltd., which purchased the interests from Itochu’s Australian subsidiary.
Nippon Steel notes that this acquisition of interests in the Foxleigh Coal Mine JV will contribute to the stability in its raw materials procurement, and will also strengthen its standing as a global player through closer ties with Anglo American and Posco.
Composition of interests in the Foxleigh Coal Mine JV is now Nippon Steel10%, Anglo American70%, and Posco 20%.