India’s JSW Steel in talks to acquire equity stake in coal mines in Australia

Monday, 19 February 2024 15:01:28 (GMT+3)   |   Kolkata

India’s JSW Steel Limited is in talks to pick up an equity stake in a coal mine owned by Whitehaven Coal, Australia, industry sources said on Monday, February 19.

According to the sources, the Indian company was looking to pick up a 20 percent equity stake in Blackwater coal mine in central Queensland owned by Whitehaven Coal, at a transaction value in the region of $1 billion.

Whitehaven Coal had been looking for an international partner to develop and Blackwater coal mine and, if talks were successful with JSW Steel Limited, a formal deal could be clinched as early as March 2024.

However, the company has not made any official statement. Last year, JSW Steel had tried to acquire a 40 percent equity stake in the coal business of Teck Resources, Canada, but the deal fell through following the souring of Indian-Canadian diplomatic relations.

Similar articles

MOC: Average steel prices in China down slightly during April 1-7

11 Apr | Steel News

Australia’s Stanmore to wholly own Eagle Downs coking coal project

09 Apr | Steel News

Ex-Australia coking coal prices retreat further

05 Apr | Scrap & Raw Materials

Australia expects fall in metallurgical coal prices in 2024

04 Apr | Steel News

Local coke prices in China fall further amid low demand

29 Mar | Scrap & Raw Materials

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

India’s coking coal imports from Russia hit peak in April-February of FY 2024-24

26 Mar | Steel News

China’s coking coal imports up 36.52 percent in January-February

26 Mar | Steel News

Fitch Ratings raises iron ore price assumptions for 2024-2026 amid limited supply

22 Mar | Steel News

Ex-Australia coking coal prices heading below $250/mt FOB

21 Mar | Scrap & Raw Materials