Japan’s Mitsubishi Corp. has announced that it has transferred the full ownership of shares in its subsidiary Crosslands Resources, which is responsible for the Oakajee rail and port infrastructure project and the Jack Hills iron ore mine expansion in Western Australia, to Chinese state-owned Sinosteel.
While the transfer price of shares of Crosslands Resources has not been disclosed, the development cost of the project is estimated at A$10 billion ($6.86 billion).
In 2013, Mitsubishi halted rail and port project and the iron ore mine expansion in Australia, after failing to find a joint venture partner amid unfavorable iron ore prices, as SteelOrbis previously reported.