Japan's Mitsui to buy interest in Australia's Rhodes Ridge iron-ore project for $5.3 billion

( February 19, 2025, 08:37 GMT | Official Statement) -- MLex Summary: Mitsui, a major Japanese trading house, announced that it has agreed to acquire a 40 percent stake in the Rhodes Ridge iron-ore project in Australia for $5.3 billion. Mitsui will purchase a 25 percent interest from VOC Group for $3.3 billion under a definitive agreement and has agreed in principle to acquire a 15 percent interest from AMB Holdings for $2 billion. The acquisition is expected to be completed by March 2026, pending necessary approvals from relevant authorities and other conditions. Once production begins by 2030, Rio Tinto will operate Rhodes Ridge, and the iron ore produced there will be blended with Rio Tinto's ore for export to Japan and other Asian countries, according to Mitsui. The statement is attached....

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Japan's Mitsui to buy interest in Australia's Rhodes Ridge iron-ore project for $5.3 billion

Prepare for tomorrow’s regulatory change, today

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