JSW Steel has signed a $120 million deal for a $66.67?onomic interest in a mining company, which will boost its global footprint
In a significant move to enhance its international presence, JSW Steel Limited on Monday announced a strategic investment in the Australian mining sector. In a meeting held on August 12, 2024, the company's Board of Directors approved the acquisition of up to 66.67% of the economic interest in M Res NSW HCC Pty Ltd, the company said in an exchange filing.
The investment, which amounts to US$ 120 million, will be executed through JSW Steel's wholly-owned subsidiary, JSW Steel (Netherlands) B.V., by subscribing to non-voting Class B shares, the company said. The acquisition of JSW Steel represents a significant milestone towards achieving JSW Steel's strategic objectives of securing raw materials and optimizing costs.
M Res NSW, owned by Matthew Latimore, founder of M Resources Pty Ltd, a prominent international mining and trading firm based in Australia, holds a 30% stake in Golden M NSW Pty Ltd ("Golden M"). Golden M is the proposed ultimate owner of Illawarra Coal Holdings Pty Ltd ("Illawarra Metallurgical Coal"), which operates the Appin and Dendrobium coking coal mines in New South Wales, Australia.
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