Whitehaven completes 30% sell down of Blackwater mine
Key points
- Whitehaven sells 20% stake in Blackwater mine to Nippon Steel and 10% to JFE Steel
- Receives US$1.08 billion in aggregate cash consideration
- Forms joint venture with Nippon Steel and JFE Steel, effective 1 April 2025
Full summary
Whitehaven Coal Limited (ASX:WHC) has confirmed the completion of transactions to sell a 20% stake in the Blackwater mine to Nippon Steel Corporation ('Nippon Steel') and a 10% stake to JFE Steel Corporation ('JFE Steel'). Whitehaven has received an aggregate cash consideration of US$1.08 billion from the transactions. The effective economic ownership of the joint venture will commence on 1 April 2025. Whitehaven's CEO & Managing Director, Paul Flynn, commented on the completion of the joint venture transactions, stating that the company is excited to be partnering with Nippon Steel and JFE Steel, two longstanding customers that recognize the value and long-term importance of the metallurgical coal produced at Blackwater.
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