Tuesday 13 August 2024 – M Resources is pleased to announce that JSW Steel will acquire an economic interest of up to 66.67% in M RES HCC (NSW) Pty Ltd (“M Res NSW”). M RES NSW has a 30% interest in Golden M NSW Pty Ltd, the entity that has agreed to acquire the Illawarra’s coal assets from South32. JSW’s acquisition is by way of subscription to non-voting Class B shares, for an investment of US$ 120 million through the Company’s’ wholly owned subsidiary JSW Steel (Netherlands) B.V in M Res NSW. The terms of the investment will also require JSW to invest a further US$ 50 million in M Res NSW to fund its obligation towards the deferred consideration payable in 2030. As part of JSW Steel’s investment the company will receive a proportionate allocation of metallurgical coal exports. M Resources maintains voting rights and management control of the Joint Venture vehicle. Matt Latimore has been appointed as one of the directors on the board of GM3. M Resources has been appointed manager of the Joint Venture vehicle.
Statement from Leadership:
M Resources Chairman and CEO Matthew Latimore said “M Group is looking forward to completion of the acquisition from South32 with GEAR, scheduled for September. “We are pleased to partner with JSW, one of the world’s largest steel mills. This partnership will support the investment and help supply India’s growing metallurgical coal demand. “We are looking forward to completion of the acquisition in partnership with GEAR. The acquisition is unconditional and expected to be completed in September 2024,” said Mr Latimore. Media Inquiries: Paul Bini +61 408 721 072
About M Resources:
Headquartered in Brisbane, M Resources is a market leader in the global commodities industry, specialising in steel making raw materials. M Resources is supported by a global network offices and professionals in Singapore, the UK, North America, South America, China, India and Switzerland. Operations extend from key Australian ports Newcastle, Gladstone, Mackay, Abbot Point and now Port Kembla following the acquisition of Illawarra Coal Holdings. M Resources also owns a 50% share and management rights in OneRail, a leading rail company operating in NSW and Queensland, a controlling shareholding in underground mining services group Metarock and investments in several other listed mining companies.
About JSW Steel:
JSW Steel, the flagship business of the diversified US$ 24 billion JSW Group, is not only a leading steel manufacturing company in India but also recognized as the best steel company in India. As one of India’s prominent business houses, JSW Group has interests in energy, infrastructure, cement, paints, sports, and venture capital. Certified by Great Places To Work in 2021, JSW Steel has established itself as an organization with a robust cultural foundation. Over the last three decades, it has evolved from a single manufacturing unit to become India’s premier integrated Steel plant with a capacity of 28.5 MTPA in India and the USA (including capacities under joint control). The company’s next growth phase aims to expand its total capacity to 38.5 MTPA by FY25.
