JSW Steel in talks to buy 20% in Australian coal mine for $1 billion

Whitehaven selling part of stake in Blackwater mine

Billionaire Sajjan Jindal’s JSW Steel is in talks to buy a 20 per cent stake in a coal mine owned by Australian firm Whitehaven Coal at a valuation of up to $1 billion for the stake.

The transaction could close as early as March if talks are successful, said a source close to the development. JSW Steel plans to increase its capacity to 50 million tonnes per annum by 2030, using acquisitions to secure raw materials to meet its target. The company is scouting for high-quality coal mines in Australia and other places in the world.

Whitehaven is selling part of its