Whitehaven’s Blackwater selldown may be upsized; JFE keen

According to The Australian Financial Review, it’s down to the short strokes at Whitehaven Coal’s sale of a minority stake in Bowen Basin’s Blackwater metallurgical coal mine, bought alongside Daunia for about $6.4 billion from BHP and Mitsubishi last year.
Sources said JFE Steel Corporation, Japan’s second-largest steel producer after Nippon Steel, is in advanced discussions to acquire a circa 10 per cent stake in Blackwater. The suitor is already a shareholder at QCoal’s $1.76 billion Byerwen mine in the region, which feeds its West Japan steelworks.
Of note, Whitehaven Coal, in tandem, is in active discussions with a handful of other suitors, including India’s JSW Group, to come onto Blackwater’s register alongside JFE. Japanese trading house Itotchu has kept close to Whitehaven for months.

https://www.afr.com/street-talk/whitehaven-s-blackwater-selldown-may-be-upsized-jfe-keen-20240418-p5fkva