Mitsui & Co. to Acquire 40% Stake in Australia's Rhodes Ridge Project for $5.3 Billion

MT Newswires Live

Feb 20, 2025

Mitsui & Co. (TYO:8031) is acquiring a 40% stake in the Rhodes Ridge iron ore project in Australia for $5.34 billion, according to a Wednesday filing on the Tokyo Stock Exchange.

The deal includes a 25% stake from VOC Group for $3.34 billion and a 15% stake from AMB Holdings for $2 billion, with completion expected by fiscal 2026.

Located in Western Australia's Pilbara region, Rhodes Ridge holds 6.8 billion tons of iron ore deposits. Production is set to begin by 2030, with Mitsui's share reaching over 40 million tons annually after expansion.

Rio Tinto (ASX:RIO) will operate the project, utilizing infrastructure from Mitsui's nearby Robe River operations.

The acquisition boosts Mitsui's long-term iron ore output, adding 400 billion yen to its investment budget.

Price (AUD): $2722.00, Change: $-40, Percent Change: -1.43%

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(TYO:8031) is acquiring a 40% stake in the Rhodes Ridge iron ore project in Australia for $5.34 billion, according to a Wednesday filing on the Tokyo Stock Exchange.</p><p>The deal includes a 25% stake from VOC Group for $3.34 billion and a 15% stake from AMB Holdings for $2 billion, with completion expected by fiscal 2026.</p><p>Located in Western Australia's Pilbara region, Rhodes Ridge holds 6.8 billion tons of iron ore deposits. 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(TYO:8031) is acquiring a 40% stake in the Rhodes Ridge iron ore project in Australia for $5.34 billion, according to a Wednesday filing on the Tokyo Stock Exchange.</p><p>The deal includes a 25% stake from VOC Group for $3.34 billion and a 15% stake from AMB Holdings for $2 billion, with completion expected by fiscal 2026.</p><p>Located in Western Australia's Pilbara region, Rhodes Ridge holds 6.8 billion tons of iron ore deposits. Production is set to begin by 2030, with Mitsui's share reaching over 40 million tons annually after expansion.</p><p>Rio Tinto (ASX:RIO) will operate the project, utilizing infrastructure from Mitsui's nearby Robe River operations.</p><p>The acquisition boosts Mitsui's long-term iron ore output, adding 400 billion yen to its investment budget.</p><p>Price (AUD): $2722.00, Change: $-40, Percent Change: -1.43%</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7507","symbol_name":"资源股","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2512459462","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2512459462","pubTimestamp":1740010030,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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(TYO:8031) is acquiring a 40% stake in the Rhodes Ridge iron ore project in Australia for $5.34 billion, according to a Wednesday filing on the Tokyo Stock Exchange.The deal includes a 25% stake from VOC Group for $3.34 billion and a 15% stake from AMB Holdings for $2 billion, with completion expected by fiscal 2026.Located in Western Australia's Pilbara region, Rhodes Ridge holds 6.8 billion tons of iron ore deposits. 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