Buffett's Japan holdings Mitsui acquires 40% interest in Rhodes Ridge iron ore project in Australia with $5.34 bln
Mitsui & Co., Ltd. (“Mitsui”, head office: Tokyo, President and CEO: Kenichi Hori) announces the acquisition of a 40% interest in the Rhodes Ridge iron ore project in Australia (“Rhodes Ridge”, or “RRJV”). The acquisition is composed of the two transactions stated below, with the total acquisition price for both transactions of 5,342 million USD (approximately 800 billion JPY). A definitive sale and purchase agreement has been signed to acquire VOC Group Limited’s (“VOC”) entire 25% interest *1 in the RRJV. The acquisition price is 3,339 million USD (approximately 500 billion JPY) including stamp duty. The acquisition is planned to be completed within FY March 2026, after the fulfillment of conditions precedent, including obtaining the necessary approvals from relevant authorities. A heads of agreement has been signed with AMB Holdings Pty Ltd (“AMB”) to acquire a 15% interest *1 in the RRJV. The acquisition price will be 2,003 million USD (approximately 300 billion...
