Mitsui & Co., Ltd., approved today the investment of A$ 1.25 billion through its 100% subsidiary Mitsui Iron Ore Development Pty. Ltd. for the expansion of iron ore export capacity at Cape Lambert (also known as Port Walcott), owned by Robe River J/V(Rio Tinto 53%, Mitsui 33%, Others 14%) in the Pilbara region of Western Australia, from its current nameplate capacity of 80 million tons to 133 million tons per ann um.
The investment is expected to total A$ 3.78 billion and J/V participants will share the cost pro-rata based on each shareholder’s ratio. Completion of the expansion is scheduled by the end of 2013 calendar year.
[mappress]
Source: businesswire, December 23, 2010