Mitsui / Rhodes Ridge Joint VentureWA-70025

Parties

Summary

Mitsui & Co., Ltd, through SPC Blue Pty Ltd, is acquiring a 15% interest in the Rhodes Ridge Joint Venture. This unincorporated joint venture concerns undeveloped iron ore deposits in the Eastern Pilbara, Western Australia. Mitsui is a Japanese general trading company with mineral and metal resources interests.

Acquisition details

Mitsui & Co., Ltd ( Mitsui ), via its wholly owned subsidiary SPC Blue Pty Ltd ( SPC Blue ), is acquiring a 15% interest in the Rhodes Ridge Joint Venture ( RRJV ) to the extent that it remains to be put into effect after 21 July 2026. The ACCC provided a letter to Mitsui on 21 July 2025 in relation to its proposed acquisition of the 15% interest in the RRJV which had the effect, pursuant to section 189 of the of the Competition and Consumer Act 2010 (Cth) (the Act ), that Division 2 of Part IVA of the Act would not apply to the acquisition if it is put into effect within 12 months. Mitsui considers that certain steps contemplated by the acquisition may remain to be completed after 21 July 2026. Mitsui is a Japanese general trading company with seven operating segments: i) iron & steel products, ii) mineral & metal resources, iii) energy, iv) machinery & infrastructure, v) chemicals, vi) lifestyle and innovation, and vii) corporate development. It invests in Australian iron ore through minority interests in Pilbara joint ventures. The RRJV is an unincorporated joint venture concerning undeveloped iron ore deposits at Rhodes Ridge in the Eastern Pilbara, Western Australia. The RRJV is managed and operated by Rio Tinto subsidiaries and there is no current iron ore production from the RRJV assets. Rio Tinto currently owns a 50% participating interest in the RRJV, and AMB Holdings Pty Ltd currently owns a 10% participating interest. Mitsui is separately acquiring a 25% interest in the RRJV through a separate transaction.