From Financial Modeling Prep: 2025-02-19 05:50:22

Japanese trading giant Mitsui & Co has acquired a 40% stake in the Rhodes Ridge iron ore project in Australia for $5.34 billion. The project holds 6.8 billion metric tons of mineral resources and is set to begin production by 2030, with an initial yield of 16 million tons per year.

Mitsui aims to enhance its iron ore portfolio and leverage existing infrastructure at Rio Tinto’s Robe River project. The company’s annual equity share of iron ore production is currently 61 million tons, and the Rhodes Ridge ore will be exported to Asian markets, including Japan.

The investment secures Mitsui’s long-term iron ore supply amid fluctuating global steel production. While the market remains resilient, new supply could impact pricing dynamics in the future. Mitsui’s acquisition strengthens its position as a key supplier to Asian steelmakers for years to come.



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