Champion Iron secures $179.1 million from Nippon Steel, Sojitz for Canada project

Reuters | July 21, 2025 | 5:35 pm Markets Top Companies Asia Australia Canada Iron Ore

The Kami open-pit iron ore mine is located to the south of Labrador City and Wabush in the province of Newfoundland and Labrador. Credit: Stantec

Australia’s Champion Iron Ltd said on Tuesday Japan’s Nippon Steel and Sojitz Corp will invest an initial C$245 million ($179.11 million) in its Kami iron ore project in Canada for an aggregate 49% interest.

The investment follows an agreement that the three companies entered into in December 2024 for the project, which Champion Iron acquired in 2021.

Following the initial closing, Champion will hold a 51% interest in the project, while Nippon Steel and Sojitz will have 30% and 19% stakes, respectively.

Nippon Steel, Japan’s largest steelmaker, recently closed its $14.9 billion acquisition of US Steel after an 18-month-long pursuit.

Champion expects the initial closing of the deal to occur in the second half of 2025.

Shares of Champion Iron rose as much as 4.6% to A$5.04 in early trade.

($1 = 1.3679 Canadian dollars)

(By Nichiket Sunil; Editing by Subhranshu Sahu)