Following the fulfillment of the preconditions, the shareholder structure between Mitsui, BHP, and Itochu will be 7%, 85%, and 8%, respectively. Ministers North is located close to the existing mine and infrastructure in Pilbara, where Mitsui has been running projects for many years. Being an open-pit mine and offering integrated operation opportunities with existing infrastructure has the potential to reduce development costs and enable cost-competitive production.
Development work will be contingent upon a possible final investment decision by June 2026. Once developed, Ministers North will strengthen Mitsui's equity-based production volume and long-term earnings base. According to fiscal 2025 data, Mitsui's equity-based production stands at 62 million tons.
Mitsui has identified “Industrial Business Solutions” as one of its key strategic initiatives in its Mid-Term Management Plan, aiming to secure a stable supply of critical materials such as steel. The development of Ministers North is expected to contribute to steel demand, particularly in Asia, and support long-term economic growth.
The Yandi iron ore mine, located approximately 13 km from the Ministers North deposit, is of strategic importance in the region.
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