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Nippon Steel Invests in Foxleigh Coal Mine

Foxleigh coal mine in Queensland has gained a new investor in Japan's Nippon Steel.

Nippon has bought a ten percent stake in Foxleigh mine which is an open cut mine in Bowen Basin in Queensland. Nippon took over the stake from Japanese trading house Itochu Corporation to ensure supplies of raw materials.

The Foxleigh project produces 2.5 million tonnes of metallurgical coal each year which is used in the production of steel. Nippon Steel is the world's fourth largest producer of Steel. The financial details of the deal were not revealed.

The mine is owned 20% by the South Korean holding POSCO and 70% by the South African mining giant the Anglo American company. The mine began production in the year 2000.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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