Nippon Steel and Sojitz to acquire 49% stake in Kami Project from Champion Iron for $245m.

Nippon Steel, a Japanese steelmaker, and Sojitz, a general trading company, agreed to acquire 49% stake in Kami Project from Champion Iron, a mining company that undertakes the exploration and development of iron ore deposits, for $245m. "We are excited to partner with global industry leaders, who share our long-term vision for Kami to produce high-purity iron ore, which was recently recognized as a critical mineral by the Newfoundland and Labrador, Québec and Canadian federal governments. Attracting such industry leaders highlights the rare quality of the Labrador Trough's resources and the region's proven ability in constructing and sustainably operating sizeable high-purity iron ore projects," David Cataford, Champion CEO.