Japan's Mitsui & Co. to buy $5bn stake in Australian iron ore project

CEO confident that demand from Southeast Asia and India can complement Chinese market

Rio Tinto's iron ore project in Australia: Mitsui & Co. partners with the Australian company to expand the mineral and metal resource businesses. (Photo by Rio Tinto)

RYOHTAROH SATOH and YUICHI NITTA

February 19, 2025 14:11 JST

Updated on February 20, 2025 11:33 JST

TOKYO -- Japanese trading house Mitsui & Co. announced the acquisition of a 40% interest in the Rhodes Ridge iron ore project in Australia on Wednesday. The company will buy 25% and 15% stakes from two existing investors for a total of $5.34 billion.

Rhodes Ridge, located in the state of Western Australia, is one of the world's largest undeveloped iron ore deposits, with 6.8 billion tonnes of mineral resources, according to a Mitsui statement. It is expected to start production by 2030.