India’s JSW Steel has approved the acquisition of additional economic interest in M Res NSW HCC Pty Ltd through its subsidiary, JSW Steel (Netherlands) B.V., for USD 60 mln.
Following the transaction, JSW’s interest in M Res NSW will rise to 83.33pct, increasing its effective stake in Illawarra Metallurgical Coal (IMC) from 20pct to 30pct. The deal will be executed via a mix of primary subscription and secondary purchase of non-voting Class B shares, enabling M Res NSW to raise its holding in Golden M NSW Pty Ltd to 36pct.
Under the revised terms, JSW Steel’s deferred payment obligation to South32 in 2030 will also increase from USD 50 mln to USD 75 mln.
IMC’s operations include the Appin and Dendrobium coking coal mines in New South Wales, Australia, with marketable coal reserves of about 95 mln tons as of December 2024.
Through this deal, JSW Steel secures greater raw material access, with offtake rights rising to 30pct in line with its expanded stake, supporting its long-term raw material security and cost optimization strategy.
