July 22 (Reuters) - Australia's Champion Iron Ltd (CIA.AX) , opens new tab said on Tuesday Japan's Nippon Steel (5401.T) , opens new tab and Sojitz Corp (2768.T) , opens new tab will invest an initial C$245 million ($179.11 million) in its Kami iron ore project in Canada for an aggregate 49% interest.

The investment follows an agreement that the three companies entered into in December 2024 for the project, which Champion Iron acquired in 2021.

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Following the initial closing, Champion will hold a 51% interest in the project, while Nippon Steel and Sojitz will have 30% and 19% stakes, respectively.

Nippon Steel, Japan's largest steelmaker, recently closed its $14.9 billion acquisition of U.S. Steel after an 18-month-long pursuit.

Champion expects the initial closing of the deal to occur in the second half of 2025.

Shares of Champion Iron rose as much as 4.6% to A$5.04 in early trade.

($1 = 1.3679 Canadian dollars)

https://www.reuters.com/markets/commodities/australias-champion-iron-secures-1791-million-nippon-steel-sojitz-canada-project-2025-07-22/