Nippon Steel to Join Iron Ore Mine Project in Canada

Tokyo, Dec. 19 (Jiji Press)--Nippon Steel Corp. said Thursday that it will set up a joint venture with two companies to participate in an iron ore mine development project in Labrador, eastern Canada.

The two partners are Canadian mining company Champion Iron Ltd. and Japanese trading company Sojitz Corp. The joint venture will develop and operate the Kamistiatusset iron ore mine, owned by Champion Iron.

Nippon Steel will acquire a 30 pct interest in the Kamistiatusset project. Its investment is seen exceeding 140 billion yen, including development costs.

The Tokyo-based company is developing steel manufacturing technologies using hydrogen for net zero carbon emissions. It aims to secure high-quality iron ore stably over the long term through the project.

Nippon Steel will invest about 4.5 billion yen to found the joint venture by June 2025. It will put in an additional 11.7 billion yen when the project is judged to be feasible.

[Copyright The Jiji Press, Ltd.]