Whitehaven has completed the transactions to sell down 30 per cent of the Blackwater coal operation, raking in about $1.7 billion.
Nippon Steel Corporation now holds a 20 per cent stake and JFE Steel Corporation hold 10 per cent, with effective economic ownership of the joint venture kicking in on April 1.
“I congratulate everyone involved in the formation of our new joint venture at Blackwater,” Whitehaven chief executive officer and managing director Paul Flynn said.
“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.”
JFE Group already has joint venture interests in several Queensland coal operations, including the Byerwen, Sonoma, Moranbah North and Coppabella Moorvale sites. Nippon Steel has a stake in the Moranbah North, Foxleigh and Coppabella Moorvale mines.
Whitehaven acquired the Blackwater site from BMA in April 2024 at the same time as purchasing the Daunia metallurgical coal mine.