Mitsui increases capital in subsidiaries for Rhodes Ridge project

Mitsui & Co., Ltd. [TSE:8031] announced an increase in capital for several of its wholly-owned subsidiaries to fund its acquisition of an interest in the Rhodes Ridge Iron Ore Project in Australia. This capital increase has led to Mitsui & Co. Mineral Resources Development Pty. Ltd. ("MMRD"), SPC Green Pty. Ltd. ("Green"), and SPC Blue Pty. Ltd. ("Blue") being designated as specified subsidiaries, as their capital now exceeds 10% of Mitsui's capital. The acquisition is projected to complete by FY March 2026, pending necessary approvals. MMRD saw its capital increase from AUD21 million to AUD2,772 million, Green's capital rose to AUD8,454 million, and Blue's capital increased to AUD8,454 million. Mitsui owns 100% of those subsidiaries. The company anticipates incurring interest expenses related to the financing of this capital increase, but states that the impact is already factored into its business plan for FY March 2026.