Australian graphite firms petition US on alleged China dumping
Australia's Novonix has joined the American Active Anode Material Producers (AAAMP) in filing the petition.
Australia’s Champion Iron said on Thursday Japanese firms Nippon Steel and Sojitz will take up a 49% stake for A$245 million ($152.39 million) in the company’s Kami project in Canada.
The Kami project will also receive up to A$490 million in contributions from Nippon and Sojitz, which will hold a 30% and 19% stake, respectively, in the project.
Nippon, Japan’s largest steelmaker, is looking to optimize its supply chain from Kami, with a long mine life, the company’s managing executive officer Ryuichi Nagai said.
However, Champion will retain operatorship of the project and oversee potential developments and future operations.
Nippon will invest C$150 million ($103.84 million) for their stake in Kami, while incurring about C$1.16 billion in development costs by the project’s completion, with the costs subject to investor approval of the project’s development and the results of a future feasibility study, the company said in a statement.
($1 = 1.6077 Australian dollars)
($1 = 154.7000 yen)
($1 = 1.4445 Canadian dollars)
(By Nichiket Sunil; Editing by Alan Barona)
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