Whitehaven Coal Sells Stake in Blackwater for $1.1 Billion (2)

Whitehaven Coal Ltd. has agreed to sell 30% of one the world’s biggest metallurgical coal mines to Japan’s top two steelmakers, in a $1.1 billion deal that helps the Australian miner pay down the cost of acquiring the operation just a few months ago.

Nippon Steel Corp. will buy 20% of the Blackwater mine in Queensland state, while JFE Steel Corp. will purchase 10%, the Australian miner said in a statement on Thursday. The Japanese companies are already long-term buyers of Blackwater coal, and the transaction is expected to be completed in the first quarter of 2025.

The global coal ...