Mitsui to buy $5.3 billion stake in Rio Tinto iron ore project

Quick Summary:

TOKYO : Japanese trading house Mitsui & Co said on Wednesday it would acquire a 40 per cent stake in the Rio Tinto-operated Rhodes Ridge iron ore project in Western Australia for $5.34 billion to strengthen its long-term earnings base.

After these transactions, Rio Tinto will hold 50 per cent of the project, while Mitsui will own 40 per cent and AMB 10 per cent.

FILE PHOTO: A man walks past the logo of Japanese trading company Mitsui & Co.in Tokyo, Japan, January 10, 2018.

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Article Details

Category: EconomyBusiness

Markets: SingaporeAustraliaJapan

Topics: Japanese Billion Company Stake Tons Project Rhodes Iron Ridge Cent Mitsui

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-19 @ 13:37:26 (3 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 421 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 26266582

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