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Mitsui acquires 40% stake in Rhodes Ridge iron ore

February 20, 2025 at 07:45 PM UTCBy FilingReader AI

Mitsui & Co. (TSE:8031) announced it will acquire a 40% stake in the Rhodes Ridge iron ore project, one of the world's largest undeveloped iron ore deposits. The total investment is valued at $5.342 billion USD (approximately 800 billion JPY) and will be completed through two separate transactions: the acquisition of VOC Group Limited's entire 25% interest and AMB Holdings Pty Ltd’s 15% stake. Mitsui will proceed with due diligence and negotiations in order to sign a definitive agreement for AMB. Located in the Pilbara region, production is slated to begin by 2030, with Mitsui's share anticipated to be around 16 million tons annually initially, eventually exceeding 40 million tons. This move enhances Mitsui's existing iron ore portfolio and leverages the proximity of Rhodes Ridge to the Robe River project, also operated by Rio Tinto, allowing for infrastructure and ore blending synergies. The investment aligns with Mitsui's 2026 Medium-term Management Plan which is focused on providing solutions for the stable supply of materials. The acquired iron ore will be blended into Rio Tinto’s product stream and exported to Asian markets, including Japan, supporting long-term regional economic growth. Mitsui will allocate an additional 400 billion JPY to Management Allocation which will be flexible and strategic capital allocation.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

TSE:8031Tokyo Stock Exchange

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