UPDATE 1 - Mitsubishi Seeks New Partner for Aussie Iron Mine - Nikkei-Shanghai Metals Market

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UPDATE 1 - Mitsubishi Seeks New Partner for Aussie Iron Mine - Nikkei

Industry News 09:55:32AM Dec 12, 2011 Source:SMM

Dec 10 (Reuters) - Mitsubishi Corp said it plans to invite Chinese and South Korean steelmakers to participate in developing the Jack Hills iron ore mine in Australia after its joint venture partner decided to withdraw, Japanese business daily Nikkei reported.

The trading house will buy out Murchison Metals Ltd's stake in the mine development company as well as in related railroad and port infrastructure firm for about 25 billion yen ($322 million) by March, the newspaper said.

Mitsubishi will scout for a partner for up to 18 months among Chinese resource firms and steelmakers in China, South Korea, India and Japan, Nikkei reported.

About 1 trillion yen will be needed to develop the mine. Production will start in 2016 at the earliest, the paper said.
 

UPDATE 1 - Mitsubishi Seeks New Partner for Aussie Iron Mine - Nikkei

Industry News 09:55:32AM Dec 12, 2011 Source:SMM

Dec 10 (Reuters) - Mitsubishi Corp said it plans to invite Chinese and South Korean steelmakers to participate in developing the Jack Hills iron ore mine in Australia after its joint venture partner decided to withdraw, Japanese business daily Nikkei reported.

The trading house will buy out Murchison Metals Ltd's stake in the mine development company as well as in related railroad and port infrastructure firm for about 25 billion yen ($322 million) by March, the newspaper said.

Mitsubishi will scout for a partner for up to 18 months among Chinese resource firms and steelmakers in China, South Korea, India and Japan, Nikkei reported.

About 1 trillion yen will be needed to develop the mine. Production will start in 2016 at the earliest, the paper said.