Nippon Steel, Sojitz to secure 49% stake in Champion Iron's Kami Project in Canada

The Australian Securities Exchange-listed Champion Iron on Thursday announced a partnership with Japan's Nippon Steel and trading company Sojitz for the joint ownership and development of its Kamistiatusset (Kami) iron ore project in southwestern Newfoundland, Canada.

Under the binding agreement signed by the three, Nippon Steel and Sojitz will acquire 30% and 19% of the interest in the project, respectively, with a total contribution of CAD 245 million ($180 million). The partnership also includes up to CAD 490 million in further contributions from the two