Australia's Champion Iron said on Thursday Japanese firms Nippon Steel and Sojitz will take up a 49% stake for A$245 million ($152.39 million) in the company's Kami project in Canada.

Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) ("Altius" or the "Corporation") is pleased to report on an announcement from Champion Iron Ore ("Champion") that Nippon Steel Corporation ("Nippon") and Sojitz Corporation ("Sojitz") have entered into a binding agreement to acquire a 49% interest in the Kamistiatusset Project ("Kami") from Champion.

Nippon Steel will acquire a 30% interest in the Kamistiatusset project. Its investment is seen exceeding ¥140 billion, including development costs.

Australia's Champion Iron said on Thursday Japanese steelmaker Nippon Steel and trading house Sojitz will buy a 49% stake in the company's Kami project in Canada for C$245 million ($170.41 million). Nippon and Sojitz will hold a 30% and 19% stake respectively in the iron ore project in Canada's northeast,

Investing.com-- Australia's Champion Iron Ltd (ASX: CIA) shares rose on Thursday after the company said Japanese firms Nippon Steel Corp (TYO: 5401) and Sojitz Corp. (TYO: 2768) will acquire a 49% stake in its Kami project in Canada for A$245 million ($152.39 million).