Nippon Steel, Xstrata to invest in Australian Mine

Nippon Steel, the world's third- largest steelmaker and Xstrata will invest 267 million dollar to develop new deposit in their coal mine in Australia.

By PTI | Aug 31, 2006, 03.40 PM IST

TOKYO: Nippon Steel, the world's third- largest steelmaker and Xstrata will invest 267 million dollar to develop new deposit in their coal mine in Australia.

The two companies will start development in 2007 and begin production in 2009, Tokyo-based Nippon Steel informed the Tokyo Stock Exchange.

Nippon Steel holds a 12.5 per cent stake and Xstrata owns 68 percent in Bulga mine. The two companies and other stake holders will invest according to their respective stakes.

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