Posted on 05 Aug 2010
Japan's Nippon Steel Corp, the world's No.4 steelmaker, said on Thursday it has acquired a 10 percent stake in Australia's Foxleigh Coal Mine from Japanese trading house Itochu Corp.
Financial terms of the deal were not disclosed. The project currently produces about 2.5 million tonnes per year of metallurgical coal, which is used in the production of steel.
The mine is 70 percent owned by miner Anglo American (AAL.L), with South Korea's POSCO holding the remaining 20 percent.
In late July, Nippon Steel, Japan's top steelmaker, warned that a slowdown in China could hurt future earnings and forecast a full-year profit that missed market consensus.
