India’s JSW Steel Limited and Japanese steelmaker JFE have teamed up to acquire a 30 percent stake in an Australian coal mine owned by Whitehaven Coal, according to sources and media reports in India on Tuesday, April 30.
The Australian company is keen to sell up to 30 percent in the mine to both suitors, instead of a 20 percent stake to one party, the sources said.
Earlier reports in February this year had said JSW Steel would pick up a 20 percent stake in the mine for close to $1 billion, but the valuation of the final offer is not known.
JFE and JSW have formed a 50:50 joint venture in India, JSW JFE Electrical Steel Private Ltd, to set up a plant for the production of electrical grade steel.
However, neither the joint venture partner nor the Australian coal company have commented on any possible deal.
JSW Steel plans to increase its capacity to 50 million mt per year by 2030 and wants to secure its raw material supplies via acquisitions.