Whitehaven forms Blackwater JV with Nippon Steel and JFE Steel


The Blackwater mine in Queensland
The Blackwater mine in Queensland
Australian coal miner Whitehaven Coal has officially completed the sell-down of a 30% stake in the Blackwater mine, formalising a joint venture (JV) with Japanese steelmakers Nippon Steel Corporation and JFE Steel.
ASX-listed Whitehaven confirmed on Monday that it had received a total cash consideration of $1.08-billion from the transactions, with Nippon Steel acquiring a 20% interest and JFE Steel taking a 10% stake.
The effective economic ownership of the JV started on April 1.
Whitehaven CEO and MD Paul Flynn welcomed the new partnership. “I congratulate everyone involved in the formation of our new joint venture at Blackwater. We’re excited to be partnering with Nippon Steel and JFE Steel, two longstanding customers that recognise the value and long-term importance of the metallurgical coal produced at Blackwater.”
The Blackwater mine, located in Queensland’s Bowen basin, is one of Australia’s biggest metallurgical coal operations, supplying key markets across Asia.
The completion of the transactions follows Whitehaven’s acquisition of the Blackwater and Daunia mines from BHP Mitsubishi Alliance in 2023 for $4.1-billion, marking the company’s expansion into Queensland’s metallurgical coal sector.
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