Japan-based Mitsui & Co., Ltd. has announced that it has signed a definitive agreement with AMB Holdings Pty Ltd to acquire the latter’s 15 percent stake in the Rhodes Ridge iron ore project in Australia for $2 billion.
As SteelOrbis reported previously, in late February this year, both companies had inked a heads of agreement for the acquisition.
The completion of the acquisition from AMB Holdings, which is scheduled for March 2026, is subject to the fulfillment of conditions, including obtaining the necessary approvals from relevant authorities.
Considered to be one of the world’s largest untapped iron ore deposits with a capacity of 6.8 billion mt and operated by Australia-based miner Rio Tinto, the Rhodes Ridge project is located in the Pilbara region of Western Australia.