Japanese investors Mitsui and Itochu have each acquired a stake in BHP’s Ministers North iron ore deposit in the Pilbara, keeping with their investments in the Big Australian’s assets.
Japanese investors Mitsui and Itochu have each acquired a stake in BHP’s Ministers North iron ore deposit in the Pilbara, keeping with their investments in the Big Australian’s assets.
ITOCHU Corporation took an indirect 8 per cent interest while Mitsui & Co bought an indirect 7 per cent stake in the Pilbara iron ore deposit, which was fully owned by BHP.
BHP will hold the remaining 85 per cent stake in the asset, on which a final investment decision is expected to be made by June 2026.
The Ministers North deposit is envisioned to be an open pit mine 13 kilometres down the road from the operating Yandi iron ore mine, also co-owned by the three partners.
Ministers North is planned to supplement production volumes coming out of Yandi as that iron ore mine continues on the path to being wound down.
The deposit is expected to utilise existing rail, port, and other infrastructure owned by the partners, tipped to reduce both the development period and cut costs.
The Japanese investments replicate the broader stakes Itochu (8 per cent) and Mitsui (7 per cent) hold in BHP’s WA Iron Ore division.
Itochu has been a joint venture partner with BHP since 1967, and the three partners have long jointly owned several iron ore mines in the Pilbara.
BHP WA Iron Ore Asset President Tim Day said the investment was “another big vote of confidence in the Pilbara and in WA’s role as a global resources powerhouse”.
“Ministers North builds on decades of collaboration with Mitsui and Itochu, and will unlock new efficiencies while supporting jobs, growth and innovation across the region,” he said.
“It’s exactly the kind of investment that keeps the Pilbara firing, delivering value for Australia, for Japan, and for the global steel industry.”
Under the deal signed on Tuesday, Itochu and Mitsui will also bear development costs in connection with the development of the deposit, according to their respective ownership interests.
It also builds on the Japanese major's broader invests in WA's resources and oil and gas sectors.
Mitsui has a major stake in Rio Tinto's Robe River iron ore mine, and investments in the North West Shelf LNG, Browse, Waitsia oil and gas assets.
Itochu holds significant stakes in energy and water solutions company UON and Albany Plantation Export Co.
Fellow Japanese investors Mitsubishi Corporation, Sumitomo Corporation, Sojitz and Marubent also hold sizeable stakes in a range of mining, oil and gas and agriculture assets across the state.
