Japanese steel company Nippon Steel Corporation has announced that it has completed a major agreement with Canadian Iron Ore Company Champion Iron Limited (CI) and Japan Trading Company Sojitz Corporation to acquire a 30% strategic stake in Kamistiatusset Iron Horde (Project Kami) located in Newfoundland and Labrador, Canada. Resources, Inc., Nippon Steel joined CI and Sojitz to form the Kami Iron Mine partnership. The Japanese steelmaker made an initial payment of 42 million. USD. In accordance with the total investment of $150 million. USD, and the remaining 108 million. USD. The US$ will be paid upon a positive final investment decision (FID) after the feasibility study.
, providing DR-grade iron for decarbonization
. Creation of low-carbon steel using direct reduced iron (DRI) technology.
The global supply of DR-frame ore remains scarce, while demand increases dramatically as steel transitions from blast furnaces to hydrogen-based or natural gas-based DRI (EAF) to reduce emissions. Enabled based on. Stable, high-quality iron ore raw materials to support both their domestic Japanese plants and overseas operations as they transition to sustainable production routes.
Joint venture to promote the project
The Cami Iron Mine partnership between Nippon Steel, Champion Iron, and Sojitz will review project development, research, and Pracking Planning. The feasibility study will determine the mine's development strategy, production dates, and necessary infrastructure. If successful, the project will become a key raw material supply base for future Nippon Steel operations.
The partnership aims to unlock the full potential of the Kami deposit and contribute to the global green steel value chain.
