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With an eye toward an Australian mine, JSW Steel

<p>In a transaction estimated to be worth between $750 million and $1 billion, Australia’s Whitehaven Coal is selling 20% of a coal mine to Sajjan Jindal’s JSW Steel.</p>
<p><img decoding=”async” class=”alignnone wp-image-421348″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-an-eye-toward-an-australian-mine-jsw-steel-jsw-11zon-750×422.jpg” alt=”theindiaprint.com with an eye toward an australian mine jsw steel jsw 11zon” width=”1074″ height=”604″ title=”With an eye toward an Australian mine, JSW Steel 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-an-eye-toward-an-australian-mine-jsw-steel-jsw-11zon-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-an-eye-toward-an-australian-mine-jsw-steel-jsw-11zon-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-an-eye-toward-an-australian-mine-jsw-steel-jsw-11zon-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-an-eye-toward-an-australian-mine-jsw-steel-jsw-11zon-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-with-an-eye-toward-an-australian-mine-jsw-steel-jsw-11zon.jpg 1024w” sizes=”(max-width: 1074px) 100vw, 1074px” /></p>
<p>The Blackwater Mine, which is situated in Queensland’s Bowen Basin, is being pursued by a number of different companies, notably Nippon Steel from Japan.</p>
<p>The second-largest open-cut met coal producer in the area, Whitehaven Coal, has said that it intended to sell its interest in the metallurgical coal (coal used to create steel) mine. The first round of proposals is due to the business by mid-March. On or after April 2, the victorious bidder’s identity would be revealed.</p>
<p>Blackwater Mine is anticipated to</p>
<p>Over the next five years, produce an average of 14.8 million tons of saleable met coal yearly.</p>
<p>Paul Flynn, CEO of Whitehaven, has previously said that the business intended to form strategic joint ventures with international steelmakers and sell them a 20% ownership in the mine. The Indian business AvidSys Group, located in Australia, and the Japanese trading companies Itotchu, Marubeni, and Sojitz are among the other interested parties.</p>
<p>The deal’s adviser is UBS.</p>
<p>A representative for JSW Steel refused to provide commentary.</p>
<p>JSW Steel has been searching for mines to purchase both domestically and internationally. An previous intention to purchase up to 75% of the coking or metallurgical coal division of Teck Resources, a Canadian company, was abandoned. Since then, the business has been exploring all options to increase the supply of coking coal, including mergers and acquisitions.</p>
<p>JSW Steel intends to boost production capacity by 50 MTPA by 2030 and 37 million tonne annually by FY25. To do this, the company would need more raw resources, such as coking coal.</p>
<p>According to JSW’s development plans, it will add 8.5 MTPA overall this year (6.5 MTPA plus an additional 2 MTPA at Vijayanagar) to increase its total capacity from the current 28.2 MTPA to 36.7 MTPA.</p>
<p>In 2023, it won two coking coal mines and seven iron ore mines in government auctions, bringing the total number of mines under operation to 13.</p>
<p>The JSW Group said last week that it will spend Rs 65,000 crore to build an integrated green steel manufacturing complex in Jagatsinghpur, Odisha. The project would create around 30,000 jobs and incorporate a port and cement factory.</p>
<p>Previous to this, the company and the Odisha government inked a memorandum of understanding for the establishment of electric car and electric vehicle battery facilities in Cuttack and Paradip, with an estimated three-year investment of Rs 40,000 crore.</p>

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