Mitsui to join Rio Tinto's Rhodes Ridge iron ore project in $5.3 billion deal

Japanese trader Mitsui & Co has announced it intends to acquire a 40% interest in the Rhodes Ridge Joint Venture iron ore project in the Pilbara region of Western Australia for about $5.3 billion, according to the company's latest news release on Wednesday.

Rhodes Ridge is one of the world's largest untapped iron ore deposits with 6.8 billion tonnes of Mineral Resources at an average grade of 61.6% Fe, the trader said. A pre-feasibility study for the project is anticipated to be completed this year, with the first ore expected to be