Japan's conglomerate Mitsui & Co announced a US$5.34 billion deal to acquire a 40% stake in Australia's Rhodes Ridge iron ore project, purchasing 25% interest from VOC Group and 15% from AMB Holdings, which retains a 10% interest. 

Rio Tinto owns 50% of the project and is acting as its operator.

Rhodes Ridge, located in Western Australia's Pilbara region, is one of the world's largest undeveloped iron-ore deposits, holding an estimated 6.8 billion tons of resources. 

First ore production is expected by 2030, with Mitsui’s share projected to start at 16 million tons annually, potentially exceeding 40 million tons after expansions.

Rio Tinto welcomed Mitsui, citing their longstanding partnership in the Robe River joint venture.