JSW Steel Limited announced a significant expansion of its global footprint with a strategic investment in the Australian mining sector. On August 12, 2024, the company’s Board of Directors approved the acquisition of a 66.67% economic interest in M Res NSW HCC Pty Ltd (“M Res NSW”), through its wholly-owned subsidiary, JSW Steel (Netherlands) B.V., for $120 million. This investment, achieved by subscribing to non-voting Class B shares, aligns with JSW Steel’s strategy to secure essential raw materials and reduce operational costs.
M Res NSW, founded by Matthew Latimore of M Resources Pty Ltd, holds a 30% stake in Golden M NSW Pty Ltd (“Golden M”). Golden M is poised to become the ultimate owner of Illawarra Coal Holdings Pty Ltd, which operates the Appin and Dendrobium coking coal mines in New South Wales, Australia.
These mines boast marketable reserves of approximately 99 million tons of prime hard coking coal, with an annual production average of 6.5 million tons over the past five years. In addition to the initial investment, JSW Steel has committed to a further $50 million investment in M Res NSW to cover deferred consideration due in 2030.
The remaining 70% interest in Golden M is held by Golden Investments (Australia) III Pte Ltd, a subsidiary of Golden Energy and Resources Pte Ltd (“GEAR”). JSW Steel, a leading Indian steel manufacturer, has cemented its position as a major player in the global steel industry through strategic investments and expansions. The company, part of the JSW Group, is known for its state-of-the-art facilities and diverse range of steel products, including hot-rolled, cold-rolled, and coated steel.
With a strong focus on sustainability and innovation, JSW Steel has implemented advanced technologies to enhance production efficiency and reduce environmental impact. The company’s growth strategy includes both domestic expansions and international ventures, aiming to strengthen its global footprint and secure a steady supply of raw materials. JSW Steel’s commitment to quality and performance has established it as a key contributor to the infrastructure and automotive sectors, among others.
