Mitsui to invest $284 mln in Aussie iron ore portadmin
Mitsui & Co Ltd. 8031.T, Japan’s second-biggest trading house, said on Thursday it would spend $284 million on expanding iron ore export capacity at Australia’s Cape Lambert port, in response to strong global demand.
The port’s capacity will be expanded to 80 million tonnes of ore annually from 55 million tonnes.
The investment is owned by Robe River Iron Associates, a venture in which Mitsui’s wholly owned unit Mitsui Iron Ore Development holds 33 percent. Australia’s Rio Tinto Ltd/Plc (ASX: RIO.ax) RIO.L owns 53 percent.