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JFE Steel to Acquire 20% Interest in Byerwen Coal Project
12/22/2009 - JFE Steel will acquire a 20% interest in the Byerwen Coal project from QCoal, which is expected to start production in 2012 in the northern Bowen Basin of northeastern Queensland, Australia. JFE Steel also will take annual delivery of 2.0 million tonnes of premium hard coking coal delivered from the Byerwen Coal project.
JFE Steel Corp. will acquire a 20% interest in the Byerwen Coal project from QCoal Pty Ltd., which is expected to start production in 2012 in the northern Bowen Basin of northeastern Queensland, Australia.
The two companies also have agreed to a long-term off-take contract for JFE Steel to take annual delivery of 2.0 million tonnes of premium hard coking coal delivered from the Byerwen Coal project. The proposed open-cut mine is expected to produce 10 million tonnes of premium hard coking coal per annum as one of the largest coal mines in Australia.
The port of Abbot Point serving the Byerwen Coal project has great capacity to ensure stable, long-term shipments, according to JFE Steel. The acquisition will enable the company to increase its ratio of captive coal resources to one of the highest among major steelmakers, it claims.
JFE Steel says that it will work with QCoal to commence project operations as soon as possible.
