M&A

M&A

JSW Steel acquires 66.67% stake in Australian mining company for $120-M

BSE   Economic Times  

Publicly listed JSW Steel, via JSW Steel (Netherlands) B.V., is to acquire a 66.67% stake in Australia-based mining and trading firm M Res NSW HCC Pty Ltd, for USD 120 million. JSW Steel will invest a further USD 50 million as deferred consideration payable in 2030.The acquisition will help JSW Steel secure raw materials and optimise costs.M Res NSW (owned by M Resources) currently holds a 30% stake in Golden M NSW Pty Ltd. Golden M is the proposed ultimate owner of Illawarra Coal Holdings Pty Ltd, which operates the Appin and Dendrobium coking coal mines in New South Wales, Australia. The remaining 70% is held by Golden Investments (Australia) III Pte Ltd, which is a wholly owned subsidiary of Golden Energy and Resources Pte Ltd.In February 2024, Illawarra Metallurgical Coal was sold to an entity owned by GEAR and M Resources.