Japanese giant Mitsui has made the biggest investment in its 78-year history paying $US5.34 billion ($8.4 billion) for a stake in the Rhodes Ridge iron ore project in a bid to secure guaranteed reserves of the resource to make steel and counter the rise of China.
As Canberra and Tokyo forge close defence ties to combat the growing threat of China in the Pacific, Japanese corporations have refocused their capital on Western Australia’s Pilbara, buying $10 billion worth of coal and iron ore mines in the past six months.
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