India’s JSW Steel Limited’s Board of Directors has approved the acquisition of up to 66.67pct economic interest in M Res NSW HCC Pty Ltd for USD 120 mln through its wholly owned subsidiary, JSW Steel (Netherlands) B.V., according to a stock exchange filing. The investment terms also include an additional USD 50 mln commitment to M Res NSW.
M Res NSW, owned by Matthew Latimore of M Resources Pty Ltd, holds a 30pct stake in Golden M NSW Pty Ltd. Golden M is set to become the ultimate owner of Illawarra Coal Holdings Pty Ltd, which operates the Appin and Dendrobium coking coal mines in New South Wales, Australia. These mines have total marketable reserves of 99 mln tons of prime hard coking coal and an average annual production of 6.5 mln tons over the past five years. The remaining 70pct interest in Golden M is held by Golden Investments (Australia) III Pte Ltd, a subsidiary of Golden Energy and Resources Pte Ltd.
JSW Steel emphasized that this acquisition aligns with its strategic priorities of securing raw materials and optimizing costs.
