Mitsui secures $5bn stake in Rhodes Ridge iron-ore project
Japanese conglomerate Mitsui & Co has announced a $5.34-billion acquisition of a 40% stake in the Rhodes Ridge iron-ore project in Australia.
As part of the transaction, Mitsui will acquire VOC Group’s entire 25% interest in Rhodes Ridge for $3.34-billion and has signed a heads of agreement with AMB Holdings to purchase a 15% stake for $2-billion. AMB Holdings will retain a 10% interest in the project.
The transactions remain subject to regulatory approvals and closing conditions.
Rio Tinto, which owns 50% of the project, is the operator.
Located in Western Australia's Pilbara region, Rhodes Ridge is one of the world’s largest undeveloped iron-ore deposits, containing an estimated 6.8-billion tons of mineral resources. A prefeasibility study for its development is expected to be completed this year, followed by a feasibility study. The project will use Rio Tinto’s existing rail, port, and power infrastructure.
First ore production is anticipated by 2030.
Mitsui’s equity share of production is projected to start at 16-million tons a year, eventually exceeding 40-million tons a year with future expansions.
In a separate statement, Rio Tinto welcomed Mitsui to the project, highlighting their longstanding partnership in the Robe River joint venture.
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