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Home / Metal News / Mitsui will acquire a 40% stake in the Rhodes Ridge iron ore project in Australia.

Mitsui will acquire a 40% stake in the Rhodes Ridge iron ore project in Australia.

iconFeb 21, 2025 11:08
Source:SMM
Japan's Mitsui stated on Wednesday that it will acquire a 40% stake in Australia's Rhodes Ridge iron ore project for $5.34 billion. The Japanese trading giant said the project will be developed and operated by Rio Tinto, with production expected to begin in 2030.

Japan's Mitsui stated on Wednesday that it would acquire a 40% stake in Australia's Rhodes Ridge iron ore project for $5.34 billion. The Japanese trading giant said the project would be developed and operated by Rio Tinto and is expected to commence production in 2030. Rhodes Ridge contains 6.8 billion mt of resources with an average grade of 61.6% iron, including 5.3 billion mt with a grade of 62.2% iron and 600 million mt with a grade of 63.9% iron.

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