Champion Iron shares surged to their highest level since March following an agreement with Nippon Steel and Sojitz to develop its Kami iron ore project in Canada. At 11am AEST, shares in Champion Iron had risen by 4.6 per cent, reaching $5.04. Champion Iron is an Australian company focused on exploring for and developing iron ore deposits. Its shares are listed on the Australian Securities Exchange (ASX).
The Japanese partners will invest an initial $C245 million for a 49 per cent stake in the newly established Kami Iron Mine Partnership. The agreement outlines a phased investment approach, beginning with an upfront cash injection of $C68.6 million.
Further contributions from Nippon Steel and Sojitz will be contingent upon the achievement of specific project milestones, ensuring aligned interests and shared risk in the Kami iron ore development. The partnership marks a significant step forward for the Kami project, potentially unlocking substantial value for all stakeholders.
