Mitsui acquires stakes in emerging BHP iron ore deposit

Mitsui and Itochu will acquire an indirect 7% and 8% interest respectively in BHP’s (ASX: BHP) 100%-owned Ministers North iron ore deposit.

Following the fulfillment of the condition’s precedent, the shareholding interest of Ministers North between Mitsui, BHP and Itochu will become 7%, 85% and 8% respectively, aligned with the interest of the existing WA iron ore business owned by the three companies.

Ministers North is located in the Pilbara region of WA, where Mitsui has been engaged in iron ore projects since the 1960s. It is close to iron ore mines and infrastructure owned jointly by Mitsui, BHP and Itochu.

In addition to low operating costs as an open-cut mine, Ministers North is expected to offer cooperative benefits through integrated operations with existing mines and utilisation of existing infrastructure owned by Mitsui, BHP and Itochu. It is anticipated that this will lower development costs for Ministers North and allow highly cost competitive operations.

Ministers North development is subject to a potential final investment decision by June 2026. Once developed, Ministers North would bolster Mitsui’s equity-based production volume and long-term earnings base.

Mitsui has defined “Industrial Business Solutions” as one of its Key Strategic Initiatives (KSI) in its Medium-term Management Plan 2026. The company has been making efforts to provide solutions for the stable supply of essential resource, materials, infrastructure and more.

Mitsui is hoping to contribute to long-term economic growth in Asia through acquisition, development and production of Ministers North.