According to the statement, JSW Steel will carry out two steps within this scope: The company will purchase non-voting class B shares in Golden M NSW Pty Ltd, equivalent to a 4% economic interest, from an M Resources-owned entity for USD 24 million. Golden M fully owns Illawarra Coal Holdings Pty Ltd through its subsidiaries.
In addition, JSW Steel will subscribe to additional class B shares to be issued by M Res NSW for USD 36 million. The proceeds will be used by M Res NSW to acquire an additional 6% stake in Golden M currently held by Golden Energy and Resources. Following these transactions, JSW’s economic interest in M Res NSW will increase from 66.67% to 83.33%, while M Res NSW’s stake in Golden M will rise from 30% to 36%.
Matt Latimore, founder and president of M Resources, said, “We are pleased to announce JSW Steel’s new commitment to Illawarra and Australia’s high-quality metallurgical coal. This partnership will enable Illawarra Metallurgical Coal to play a greater role in the global market.” Latimore also emphasized that this investment carries strategic value for both M Resources and JSW and strengthens their shared commitment to operational excellence.
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