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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 emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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