Japan’s Mitsui & Co., Ltd. has announced that it has acquired a seven percent indirect interest in the Ministers North deposit, a project currently fully owned by Australian miner BHP. This strategic move highlights Mitsui’s decades-long engagement in Pilbara’s iron ore industry and deepens its partnership with both BHP and Itochu Corporation, which also acquired an eight percent stake.
Ministers North is located in the Pilbara region of Western Australia, which is one of the world’s richest iron ore hubs. Since the 1960s, Mitsui has been engaged in iron ore projects in this region. The site is located close to existing mines, railways, and port facilities that are already jointly operated by Mitsui, BHP, and Itochu. This proximity is expected to reduce development costs, enable seamless integration with current operations, and ensure that the mine operates at a highly competitive cost level.
The development of Ministers North remains subject to a final investment decision, which is expected by June 2026. Once the project moves forward, it will increase Mitsui’s equity-based iron ore production volume, reinforce its long-term earnings base, and create operational synergies with the existing Western Australia iron ore projects.
