Japanese Trading House Mitsui Acquires 40% Stake in Rhodes Ridge Iron Ore Project
Japanese trading house Mitsui & Co. has announced the acquisition of a 40% interest in the Rhodes Ridge iron ore project in Western Australia for $5.34 billion.
Operated by Rio Tinto, Rhodes Ridge is one of the world's largest undeveloped iron ore deposits, with estimated mineral resources of 6.8 billion tons. Mitsui's investment will support the development and operation of the project, which is expected to yield significant iron ore production.
Production at Rhodes Ridge is projected to commence by 2030, with Mitsui's initial share anticipated to produce approximately 16 million tons of iron ore. As the project expands, Mitsui's production is expected to increase to over 40 million tons annually.
This acquisition aligns with Mitsui's strategic focus on iron ore and energy resources. In the financial year ending March 2024, the company's annual equity share of iron ore production reached 61 million tons. The partnership with Rio Tinto on the Rhodes Ridge project is expected to further enhance Mitsui's global presence in the iron ore market.