General Discussion, page-12

"Nippon Steel said in a statement on Thursday there was a “strong sense of urgency’’ about falls in the supply of metallurgical coal globally, which compelled the company – one of the world’s largest steel producers, with operations in 15 countries – to buy the Blackwater stake.

The Japanese steelmaker said it was worried about the expected scarcity of steelmaking coal going forward, with increases to royalty rates in Australia likely to deter new investment in projects."

https://www.theaustralian.com.au/business/mining-energy/whitehaven-coal-has-sold-a-stake-in-the-blackwater-mine-as-profits-come-under-pressure/news-story/fdc8549c6f7f3cde4ab42d7d4b295174?amp