Japanese steelmaker Nippon Steel has announced that it has signed an agreement with Canadian iron ore company Champion Iron Limited (CI) and Japan trading company Sojitz Corporation to participate in the development of CI’s Kamistiatusset iron ore project (Kami project) in Canada. The companies will establish a joint venture for the project’s development and operation by the first half of 2025.
In the joint venture, CI and Nippon will hold 51 percent and 30 percent, respectively, and Sojits will hold 19 percent. Nippon’s contribution to the joint venture is planned to be at CAD 150 million.
Kami project is planned to have nine million wmt of direct-reduced quality iron ore at or above 67.5 percent Fe content.