Champion forms partnership with Nippon Steel, Sojitz for Kami project
Iron-ore miner Champion Iron has finalised the first phase of its partnership with Japan’s Nippon Steel and trading house Sojitz to advance the Kamistiatusset (Kami) iron-ore project in Canada’s Labrador Trough.
Champion said on Tuesday that the partners had injected an initial $68.6-million into the newly established Kami Iron Mine Partnership. Champion holds a 51% stake, with Nippon Steel and Sojitz owning 30% and 19%, respectively.
A second closing, subject to a definitive feasibility study expected by the end of 2026 and a positive interim investment decision, would see Nippon Steel and Sojitz contribute a further $176.4-million.
Champion acquired Kami in 2021 and has advanced studies for the development of a direct reduction grade iron-ore project with a 25-year mine life, producing an average nine-million tonnes a year grading more than 67.5% iron.
The prefeasibility study outlined capital expenditure of $3.9-billion, with a potential after-tax net present value ranging from $541-million under conservative assumptions to $2.2-billion under more favourable iron-ore pricing.
Champion, through its Québec Iron Ore subsidiary, already operates the Bloom Lake complex in Québec, which has established links with both Nippon Steel and Sojitz since its restart in 2018.
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