Business
CHAMPION IRON FORMS A PARTNERSHIP FOR THE KAMI PROJECT WITH NIPPON STEEL AND SOJITZ
SYDNEY, September 30, 2025 - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) ("Champion" or the "Company") announces that it has completed the initial closing (the "Initial Closing") of the transactions contemplated by the previously announced framework agreement dated as of July 21, 2025, Montréal time (the "Framework Agreement") with Nippon Steel Corporation ("Nippon Steel") and Sojitz Corporation ("Sojitz", and collectively with Nippon Steel, the "Partners"). In connection with the
About this update from Champion Iron Ltd.
[{"type":"text","content":"MONTRÉAL, Sept. 29, 2025 /CNW/ - SYDNEY, September 30, 2025 - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) ("Champion" or the "Company") announces that it has completed the initial closing (the "Initial Closing") of the transactions contemplated by the previously announced framework agreement dated as of July 21, 2025, Montréal time (the "Framework Agreement") with Nippon Steel Corporation ("Nippon Steel") and Sojitz Corporation ("Sojitz", and collectively with Nippon Steel, the "Partners"). In connection with the Initial Closing, the Partners made their initial cash contributions in an aggregate amount of $68.6 million to Kami Iron Mine Partnership (the "Partnership"), a new entity formed for the ownership and potential development of the Kamistiatusset iron ore project (the "Kami Project" or the "Project"). Following the Initial Closing, Champion holds a 51% equity interest in the Partnership and Nippon Steel and Sojitz hold minority positions of 30% and 19%, respectively.","length":1113,"tagName":"p"},{"type":"text","content":"The Framework Agreement provides that the closing of the transactions set forth therein will occur in two steps. The second closing of the transactions contemplated by the Framework Agreement remains subject to the completion of a definitive feasibility study for the Project (the "DFS"), expected to be completed by the end of calendar 2026, the making by Champion and the Partners of a positive interim investment decision ("IID") election to pursue work towards a final investment decision ("FID"), as well as other customary closing conditions (the "Second Closing"). Pursuant to the Second Closing, Nippon Steel and Sojitz will make a subsequent contribution to the Partnership in the aggregate amount of $176.4 million.","length":765,"tagName":"p"},{"type":"text","content":"About the Kami ProjectOn April 1, 2021, the Company acquired the Kami Project mining properties located in the Labrador Trough geological belt in southwestern Newfoundland, near Québec's eastern border. The Kami Project is a Direct Reduction ("DR") grade quality iron ore project situated near available infrastructure, only a few kilometres south-east of the Compa...