Japanese state-owned Japan Bank for International Cooperation (JBIC) has announced that, together with domestic financial institutions Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, and MUFG Bank, Ltd., it has co-provided a loan of JPY 57 billion ($399.05 million) to Japanese steelmaker JFE Steel.
The loan will be used to finance the funds necessary for JFE Steel to buy a stake in Whitehaven Coal’s Blackwater coal mine in Queensland, Australia. With this investment, the Japanese steelmaker plans to secure coking coal supply for its steelmaking operations in the long term.