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Energy and Natural Resource Finance for Acquiring Interest in Byerwen Coal Project
Contributing to Securing Energy Resources and Stable Supply to Japan

  • Region: Oceania
  • Energy and Natural Resources
  • Overseas Investment Loans
NR/2012-33
August 15, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) today signed a loan agreement with JFE Holdings, Inc. (JFEHD) for financing its acquisition of an interest in the Byerwen Coal Project, located in the northern Bowen Basin, Queensland, Australia. The loan is cofinanced with private financial institutions.
     
  2. The loan is extended to JFEHD for its acquisition of 20% interest in the Byerwen Coal Project by JFE Steel Australia (BY) Pty Ltd, an investment subsidiary of JFE Steel Corporation (JFE Steel) which is a subsidiary of JFEHD. The Byerwen Coal Project will be one of the largest open-cut coal mines in Australia, with an expected annual production of 10 million tons of premium hard coking coal. This acquisition of interest through their subsidiary provides JFE Steel with a long term off-take contract of up to 2 million tons of premium hard coking coal per year for 10 years.
     
  3. Coking coal is an indispensable steel-making material and its reserves are scarce on a global level, securing the necessary amount at a fair price is an on-going challenge. The premium hard coking coals mined by the Byerwen Coal Project have satisfactory quality to produce high-grade coke and it is expected that the project will make a significant contribution to JFE Steel's implementation of a stable and effective steel business strategy.
     
  4. JBIC will actively support further development and acquisition of energy resources and mineral resources by Japanese companies.

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