Japan buys into Blackwater

Japanese steel makers invest $1billion in the long-term future of the Bowen Basin

Japanese steel makers Nippon and JFE have purchased a one-third share in the Blackwater mine from Whitehaven coal for around $1 billion.

Whitehaven Coal recently purchased the Blackwater and Daunia coal mines from BMA for around $6.4 billion, comprising US$2.1 billion in cash up front, followed by US$1.1 billion over three years, and a further US$0.9 billion possible depending on where coal prices go.

Whitehaven CEO Paul Flynn said the purchase underscored the long-term demand for coal