Champion Iron partners with Nippon Steel, Sojitz for Kami project

Champion Iron Limited announced the initial closing of its framework agreement with Nippon Steel and Sojitz, establishing a partnership for the Kami iron ore project. The partners made initial cash contributions totaling CAD$68.6 million to the Kami Iron Mine Partnership, granting Champion a 51% equity interest. Nippon Steel holds 30% and Sojitz 19%.

The Kami Project, located in Newfoundland, aims to produce Direct Reduction (DR) grade pellet feed iron ore. A pre-feasibility study detailed a 25-year mine life with an average annual production of approximately 9.0 million wet metric tonnes grading above 67.5% Fe.

The framework agreement outlines a second closing, contingent on the completion of a definitive feasibility study by the end of calendar year 2026 and a positive interim investment decision. Upon the second closing, Nippon Steel and Sojitz will contribute an additional CAD$176.4 million to the partnership.