Japan-based Mitsubishi Corp has decided to halt its $6 billion Oakajee rail and port project and Jack Hills iron ore mine expansion in Australia, after failing to find a joint venture partner, according to media reports.
The company announced in November that it had slowed down the project and has now stated that the reasons for the slowdown, a difficult economic environment and lack of progress with talks for joint venture partners, have worsened.
Mitsubishi Corp also stated that the Jack Hills mine will be placed on maintenance so that it could be ramped up easily when the market conditions recover.