Mitsubishi Halts $10B Australia Port Project, Mine Expansion

Law360, New York (June 14, 2013, 8:11 PM EDT) -- Mitsubishi Corp. has halted work on its $10 billion Oakajee port and rail project and the related Jack Hills mine expansion in Western Australia, citing difficulty finding a joint venture partner, according to Australian news reports published Friday.

A representative for the operator of the iron ore operation told newspaper The Australian that the difficult economic environment and lack of success in finding a financial partner led to Mitsubishi's firing of most of the employees at Oakajee on Friday.

The CEO of Oakajee Port and Rail,...
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