Japan’s Mitsui & Co. and Itochu Corporation have signed agreements with BHP to acquire indirect stakes in the Ministers North iron ore deposit in Western Australia, with Mitsui taking 7pct and Itochu 8pct. BHP will retain 85pct.
The deposit, located just 13 km from the Yandi mine, will leverage WAIO’s existing rail, port, and infrastructure, cutting development time and costs. As Yandi’s output gradually declines, Ministers North is expected to play a key role in sustaining production.
WAIO currently produces around 290 mln tons annually and aims to exceed 305 mln tons in the medium term, with potential expansion to 330 mln tons.
Development remains subject to a final investment decision expected by June 2026, the companies said.
