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JSW Steel is currently engaged in discussions to purchase a 20% stake in an Australian coal mine owned by Whitehaven Coal, according to sources familiar with the matter. The potential deal is estimated to be valued at around $1 billion.
If the negotiations progress successfully, the transaction is expected to be finalised in early March. The discussions with JSW Steel, owned by Sajjan Jindal, revolve around a valuation within a price range of $800 million to $1 billion, as per the source.
The acquisition will be spearheaded by JSW Steel, the Indian publicly listed arm of the JSW Group. However, a spokesperson for JSW Steel declined to provide any comment on the matter.
Notably, JSW Group had previously attempted to acquire a 40% stake in the metallurgical coal unit of Canada's Teck Resources in 2023. This deal, which involved an investment of up to $2 billion, was hindered due to valuation discrepancies.
JSW Steel aims to bolster its capacity to 50 million tonnes per annum by 2030, with the acquisition serving to secure raw materials for its expansion targets. As part of its strategy, the company is exploring opportunities to acquire high-quality coal mines not only in Australia but also in other regions across the globe.
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