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Itochu invests in NCR Coking Coal Mine in US

Coal News - Published on Tue, 07 Jan 2020

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Platts reported that a new US high-vol A coking coal mine project in West Virginia, close to Arch Coal’s flagship Leer mine, has found backing from Japan’s Itochu Corp, as the trader joins AMCI and South Korean steelmaker Posco with plans to support coal demand in Asia. The group under developer North Central Resources LLC wants to ramp up shipments to global markets in 2023, with Japan, South Korea, and India currently among the largest US met coal export destinations.

Itochu’s entry into the USD 450 million underground mine project may be welcomed by buyers, as US miners fought for survival last year as lower demand and a decline in spot export prices elevated costs. The new 4 million st/year Longview mine will be contributing a stable supply of high quality metallurgical coal to global customers, particularly in Japan and Asia

AMCI holds a 42.38% stake in NCR, with Posco’s interest at 22.05% and investor JAZ at 10.58%

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Posted By : Rabi Wangkhem on Tue, 07 Jan 2020
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