Champion Iron (ASX: CIA) entered an agreement to form a partnership with Japan-based Nippon Steel and Sojitz for the development and joint ownership of its Kami iron ore project in Quebec, according to a Thursday filing with the Australian bourse.
Nippon and Sojitz will invest AU$245 million for a combined 49% stake in the project, with AU$68.6 million paid upon closing and AU$176.4 million upon completion of a definitive feasibility study, contingent on a positive interim investment decision, the filing said.
Champion Iron will retain a 51% stake and will continue as the project operator.
The partnership will share development costs proportionally and could see up to AU$490 million in contributions before Champion needs additional capital, the filing added.
The transaction is set to close in the first half of fiscal 2025, pending final agreements, the company added.
Shares of Champion Iron rose nearly 4% in recent Thursday trade.
Price (AUD): $5.87, Change: $+0.22, Percent Change: +3.89%
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