JSW’s economic interest in M Res NSW to 83.33% (from 66.67% currently)

JSW has now lifted its stake in M Res NSW to 83.33%, while M Res NSW itself holds 36% of Golden M, which owns 100% of Illawarra Metallurgical Coal. This gives JSW an effective 30% economic interest in Illawarra. On an assumed 4 Mtpa production base, that translates to control over about 1.2 Mtpa of coal.

In total, JSW has spent US$180m (US$120m initially plus US$60m in the latest transaction) to secure this position. That works out to an average implied cost of ~US$150 per ton for the 1.2 Mtpa stake.

In short: US$180m buys JSW a 30% effective interest in Illawarra, equal to ~1.2 Mtpa of production, at an average entry cost of ~US$150/ton.

*Disclaimer: These calculations are based on simplified assumptions (e.g., 4 Mtpa production, linear allocation of economic interest, and direct tonnage equivalence). They are indicative only and should not be taken as precise facts or financial guidance. Actual effective tonnage and cost per ton may differ depending on operating output, contract terms, and market conditions.