Date Announced

December 18, 2024

Lead Office

Montréal

Value

500.00 Million CAD

On December 18, 2024, Champion Iron Limited (“Champion”) entered into a binding agreement to form a partnership with Nippon Steel Corporation (“Nippon Steel”) and Sojitz Corporation (“Sojitz”) for the joint ownership and development of the Kamistiatusset project (“Kami’). Nippon Steel and Sojitz will make an initial contribution of C$245 million in exchange for a 49% interest in the partnership.

Kami is a Direct Reduction grade quality iron ore project located in Newfoundland and Labrador near available infrastructure, only a few kilometres south-east of Champion’s operating Bloom Lake mine.

Champion Iron Limited is an iron development and exploration company, focused on developing its significant iron resources in the south end of the Labrador Trough in the province of Québec. 

Nippon Steel, based in Tokyo, Japan, is a global leader in steel production and technology.

Sojitz, headquartered in Tokyo, Japan, is a general trading company that operates in various fields worldwide, including automotive, aerospace, energy, metals, chemicals, and retail.

McCarthy Tétrault is advising Champion with a team led by Louis-Nicolas Boulanger that includes Konstantin A. Sobolevski, Brianna Bernhardt (Business), and Dominic Thérien (Competition).