Mitsui Plans $1.6B Expansion Of Aussie Iron Ore Venture

Law360, New York (September 25, 2012, 6:56 PM EDT) -- Mitsui & Co. Ltd. will pour AU$1.5 billion (US$1.6 billion) into its Australian iron ore port joint venture with Rio Tinto PLC, the Japanese trading company said Tuesday, in order to nearly double Cape Lambert’s export capacity to 133 million tons per year.

The move comes after a separate $1.3 billion build-out project at the Hope Downs mine in Western Australia got underway. When finished, the mine will churn out more than four times the 80 million tons of ore that Cape Lambert is currently set...
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