Japan Bank for International Cooperation ( JBIC ) has signed a 34.2 billion yen ( US$237.62 million ) loan agreement with JFE Holdings to support coking coal supplies to Japan.  

The loan is co-financed with Mizuho Bank, Sumitomo Mitsui Banking Corporation, and MUFG Bank, bringing the total amount to 57 billion yen.

The funds will allow JFE Steel Corporation to acquire an interest in Blackwater Coal Mine in Queensland, eastern Australia, through its wholly owned JFE Steel Australia Resources. Through the acquisition, JFE Steel plans to purchase coking coal for steelmaking over the long term.

Aiming to achieve carbon neutrality by 2050, JFE Steel is taking a multi-track approach to accelerate the development of innovative steelmaking technologies, such as carbon-recycling blast furnaces, direct-reduction steelmaking, and large, high-efficiency electric-arc furnaces. The carbon-recycling blast furnace will use high-quality coking coal from Blackwater Coal Mine.