Reported 2 days ago
Mitsui & Co., a Japanese trading house, will acquire a 40% stake in the Rhodes Ridge iron ore project in Australia for $5.3 billion, partnering with Rio Tinto, which retains 50%. This investment aligns with the growing need for high-quality raw materials in the steel industry as it shifts towards greener technology. The project, set to begin production in 2030, is one of the largest undeveloped iron ore deposits globally, with the potential to boost supply for Japanese steel mills amid declining production in other areas.
Source: YAHOO